Cricut (NASDAQ:CRCT) Announces Earnings Results, Beats Expectations By $0.05 EPS

Cricut (NASDAQ:CRCT) released its quarterly earnings results on Tuesday. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05, Zacks reports. Cricut had a net margin of 11.31% and a return on equity of 19.16%. The company had revenue of $170.40 million for the quarter, compared to the consensus estimate of $156.93 million.

Cricut Price Performance

Shares of CRCT stock traded up $0.14 during trading hours on Thursday, hitting $4.89. The stock had a trading volume of 539,258 shares, compared to its average volume of 537,283. The firm has a market capitalization of $1.04 billion, a PE ratio of 12.86 and a beta of 0.17. Cricut has a twelve month low of $3.94 and a twelve month high of $7.33. The stock’s 50 day moving average is $5.83 and its 200 day moving average is $5.82.

Cricut Announces Dividend

The firm also recently declared a dividend, which will be paid on Tuesday, January 20th. Investors of record on Tuesday, January 6th will be issued a $0.10 dividend. This represents a yield of 399.0%. The ex-dividend date of this dividend is Tuesday, January 6th. Cricut’s dividend payout ratio is 60.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRCT. The Goldman Sachs Group downgraded shares of Cricut from a “neutral” rating to a “sell” rating and reduced their target price for the company from $5.50 to $4.75 in a research note on Thursday, October 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Cricut in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Cricut from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Strong Sell” and a consensus price target of $4.18.

Insider Buying and Selling at Cricut

In related news, CEO Arora Ashish sold 17,204 shares of the stock in a transaction on Friday, October 17th. The stock was sold at an average price of $5.27, for a total transaction of $90,665.08. Following the completion of the sale, the chief executive officer directly owned 2,668,146 shares of the company’s stock, valued at $14,061,129.42. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 337,826 shares of company stock valued at $1,972,877 over the last three months. 18.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cricut

Hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. lifted 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 period. Jane Street Group LLC lifted its holdings in Cricut by 43.7% in the first quarter. Jane Street Group LLC now owns 20,176 shares of the company’s stock valued at $104,000 after acquiring an additional 6,140 shares during the period. Legal & General Group Plc lifted its holdings in Cricut by 15.8% in the second quarter. Legal & General Group Plc now owns 59,246 shares of the company’s stock valued at $401,000 after acquiring an additional 8,095 shares during the period. Franklin Resources Inc. acquired a new stake in Cricut in the second quarter valued at $232,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Cricut by 20.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 911,221 shares of the company’s stock valued at $6,169,000 after acquiring an additional 157,448 shares during the period. Institutional investors and hedge funds own 19.60% of the company’s stock.

Cricut Company Profile

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.