Cricut (NASDAQ:CRCT) Shares Gap Down – Here’s Why

Cricut, Inc. (NASDAQ:CRCT)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $5.56, but opened at $5.44. Cricut shares last traded at $5.60, with a volume of 25,807 shares.

Analyst Ratings Changes

Separately, The Goldman Sachs Group lowered their target price on Cricut from $6.50 to $5.75 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

Cricut Stock Performance

The firm has a fifty day moving average price of $6.09 and a 200 day moving average price of $6.09. The stock has a market cap of $1.24 billion, a PE ratio of 20.07 and a beta of 0.03.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). Cricut had a net margin of 8.47% and a return on equity of 12.36%. The business had revenue of $167.89 million for the quarter, compared to analysts’ expectations of $165.35 million. During the same quarter in the prior year, the company posted $0.08 EPS. On average, equities research analysts forecast that Cricut, Inc. will post 0.28 earnings per share for the current year.

Cricut Dividend Announcement

The firm also recently disclosed a None dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, January 7th. This represents a dividend yield of 3.4%. Cricut’s dividend payout ratio is presently 71.43%.

Insider Activity

In related news, EVP Donald B. Olsen sold 30,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $5.23, for a total value of $156,900.00. Following the transaction, the executive vice president now directly owns 625,833 shares of the company’s stock, valued at $3,273,106.59. This represents a 4.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Arora Ashish sold 54,839 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $5.29, for a total value of $290,098.31. Following the completion of the transaction, the chief executive officer now directly owns 3,980,294 shares in the company, valued at approximately $21,055,755.26. The trade was a 1.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.02% of the company’s stock.

Institutional Investors Weigh In On Cricut

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC grew its position in Cricut by 366.6% during the 3rd quarter. Barclays PLC now owns 76,440 shares of the company’s stock worth $529,000 after purchasing an additional 60,058 shares during the period. Geode Capital Management LLC grew its position in Cricut by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,081,319 shares of the company’s stock worth $7,495,000 after purchasing an additional 9,940 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Cricut during the 3rd quarter worth about $168,000. Tenzing Global Management LLC grew its position in Cricut by 4.9% during the 3rd quarter. Tenzing Global Management LLC now owns 2,150,000 shares of the company’s stock worth $14,900,000 after purchasing an additional 100,000 shares during the period. Finally, State Street Corp grew its position in Cricut by 3.2% during the 3rd quarter. State Street Corp now owns 1,019,025 shares of the company’s stock worth $7,062,000 after purchasing an additional 31,584 shares during the period. 19.60% of the stock is owned by institutional investors and hedge funds.

About Cricut

Cricut, Inc engages in the design, marketing, and distribution of a creativity platform that enables users to turn ideas into professional-looking handmade goods. It operates through three segments: Connected Machines, Subscriptions, and Accessories and Materials. The company offers connected machines, design apps, and accessories and materials for users to create personalized birthday cards, mugs, T-shirts, and large-scale interior decorations.