Cricut (NASDAQ:CRCT) Issues Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Cricut (NASDAQ:CRCT) released its earnings results on Tuesday. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13, FiscalAI reports. Cricut had a net margin of 10.36% and a return on equity of 21.37%. The company had revenue of $156.29 million for the quarter, compared to analyst estimates of $159.95 million.

Cricut Trading Up 2.3%

CRCT traded up $0.11 during midday trading on Tuesday, hitting $4.90. The company’s stock had a trading volume of 828,547 shares, compared to its average volume of 541,867. The firm has a market cap of $1.03 billion, a P/E ratio of 14.00 and a beta of 0.19. The firm has a 50-day moving average price of $4.43 and a two-hundred day moving average price of $4.33. Cricut has a 52-week low of $3.73 and a 52-week high of $6.93.

Insider Transactions at Cricut

In related news, insider Ryan Harmer sold 17,267 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $4.12, for a total transaction of $71,140.04. Following the completion of the transaction, the insider owned 325,579 shares of the company’s stock, valued at approximately $1,341,385.48. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Arora Ashish sold 60,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $3.95, for a total transaction of $237,000.00. Following the transaction, the chief executive officer directly owned 4,461,592 shares in the company, valued at approximately $17,623,288.40. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 93,633 shares of company stock worth $378,514 in the last three months. Company insiders own 16.48% of the company’s stock.

Institutional Trading of Cricut

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. boosted its holdings in Cricut by 255.9% in the second quarter. Osaic Holdings Inc. now owns 3,644 shares of the company’s stock valued at $25,000 after acquiring an additional 2,620 shares during the last quarter. Guggenheim Capital LLC acquired a new stake in Cricut during the fourth quarter worth about $55,000. Brevan Howard Capital Management LP acquired a new stake in Cricut during the third quarter worth about $75,000. Envestnet Asset Management Inc. purchased a new position in shares of Cricut in the 3rd quarter worth about $78,000. Finally, Orion Porfolio Solutions LLC acquired a new position in shares of Cricut in the 4th quarter valued at about $63,000. 19.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRCT shares. Weiss Ratings raised shares of Cricut from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 21st. The Goldman Sachs Group restated a “sell” rating and set a $3.75 target price on shares of Cricut in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Strong Sell” and an average target price of $3.88.

Cricut Company Profile

Cricut, Inc (NASDAQ: CRCT) is a U.S.-based technology company specializing in personal and small-business crafting solutions. The company designs and markets a family of cutting machines that leverage computer-aided design to precisely cut a wide range of materials, including paper, vinyl, fabric and leather. Complementing its hardware offerings, Cricut provides proprietary software and mobile applications that enable users to create custom artwork, import graphics and access a vast library of pre-designed projects and fonts through a subscription service.

Founded as a division of Provo Craft & Novelty in 2005, Cricut emerged as an independent public company in March 2021.