Cricut, Inc. (NASDAQ:CRCT) Expected to Announce Earnings of $0.15 Per Share

Equities analysts expect Cricut, Inc. (NASDAQ:CRCT) to announce $0.15 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Zero analysts have provided estimates for Cricut’s earnings. The business is expected to announce its next earnings report on Thursday, November 11th.

According to Zacks, analysts expect that Cricut will report full-year earnings of $0.84 per share for the current year. For the next year, analysts anticipate that the business will report earnings of $0.98 per share. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that cover Cricut.

Cricut (NASDAQ:CRCT) last released its quarterly earnings data on Thursday, August 12th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01.

CRCT has been the topic of a number of recent analyst reports. Morgan Stanley lowered Cricut from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $40.00 to $29.00 in a research note on Friday, August 13th. Zacks Investment Research downgraded Cricut from a “hold” rating to a “strong sell” rating in a report on Monday, August 16th. Barclays downgraded Cricut from an “overweight” rating to an “equal weight” rating and set a $28.00 target price for the company. in a research note on Tuesday, August 17th. Finally, The Goldman Sachs Group cut Cricut from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $37.00 to $31.00 in a research note on Friday, August 13th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $28.86.

NASDAQ CRCT opened at $30.05 on Tuesday. The company’s 50-day simple moving average is $32.19. Cricut has a 52 week low of $14.88 and a 52 week high of $47.36.

In related news, major shareholder Abdiel Capital Management, Llc acquired 1,500,000 shares of the company’s stock in a transaction that occurred on Friday, August 13th. The shares were acquired at an average cost of $27.59 per share, for a total transaction of $41,385,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Len Blackwell sold 1,600 shares of Cricut stock in a transaction on Monday, August 30th. The shares were sold at an average price of $30.42, for a total transaction of $48,672.00. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 4,428,637 shares of company stock valued at $131,800,660 and have sold 141,116 shares valued at $3,993,625.

Several hedge funds have recently made changes to their positions in the stock. Abdiel Capital Advisors LP bought a new stake in shares of Cricut during the 2nd quarter worth about $153,622,000. Morgan Stanley boosted its holdings in Cricut by 9,201.5% in the 2nd quarter. Morgan Stanley now owns 1,960,469 shares of the company’s stock valued at $83,516,000 after purchasing an additional 1,939,392 shares during the period. Vanguard Group Inc. raised its position in shares of Cricut by 17.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,279,263 shares of the company’s stock valued at $54,497,000 after buying an additional 193,030 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Cricut in the 1st quarter valued at approximately $24,868,000. Finally, Eagle Asset Management Inc. acquired a new position in shares of Cricut in the 2nd quarter valued at approximately $47,612,000. 8.26% of the stock is owned by institutional investors and hedge funds.

Cricut Company Profile

Cricut, Inc designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods in the United States, Europe, and internationally. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company provides connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations under the Cricut brand.

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