Cricut, Inc. (NASDAQ:CRCT) Sees Significant Decrease in Short Interest

Cricut, Inc. (NASDAQ:CRCT) saw a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 4,720,000 shares, a drop of 6.9% from the May 15th total of 5,070,000 shares. Approximately 10.4% of the shares of the company are sold short. Based on an average daily volume of 830,800 shares, the days-to-cover ratio is currently 5.7 days.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup cut their target price on shares of Cricut from $8.50 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th. Barclays cut their target price on shares of Cricut from $6.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday, March 7th. Finally, The Goldman Sachs Group cut their target price on shares of Cricut from $7.00 to $5.75 and set a “neutral” rating on the stock in a research report on Wednesday, March 6th.

Cricut Stock Performance

Shares of NASDAQ:CRCT traded down $0.13 during mid-day trading on Tuesday, reaching $6.57. 617,690 shares of the company’s stock were exchanged, compared to its average volume of 872,827. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 22.83 and a beta of 0.11. The business’s fifty day moving average price is $6.13 and its 200-day moving average price is $5.84. Cricut has a twelve month low of $4.43 and a twelve month high of $17.89.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The company had revenue of $167.39 million for the quarter, compared to analyst estimates of $174.20 million. Cricut had a net margin of 8.54% and a return on equity of 12.25%. Analysts predict that Cricut will post 0.24 EPS for the current fiscal year.

Cricut Dividend Announcement

The company also recently announced a Semi-Annual dividend, which will be paid on Friday, July 19th. Investors of record on Tuesday, July 2nd will be paid a dividend of $0.50 per share. This represents a yield of 1.3%. The ex-dividend date is Tuesday, July 2nd.

Insider Transactions at Cricut

In related news, CEO Arora Ashish sold 24,134 shares of Cricut stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $6.97, for a total value of $168,213.98. Following the transaction, the chief executive officer now directly owns 1,585,334 shares of the company’s stock, valued at $11,049,777.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Donald B. Olsen sold 25,000 shares of Cricut stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $7.05, for a total value of $176,250.00. Following the transaction, the executive vice president now directly owns 573,918 shares of the company’s stock, valued at $4,046,121.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Arora Ashish sold 24,134 shares of Cricut stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $6.97, for a total transaction of $168,213.98. Following the completion of the transaction, the chief executive officer now directly owns 1,585,334 shares in the company, valued at $11,049,777.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 298,847 shares of company stock valued at $2,130,703. 18.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cricut

Hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC raised its stake in Cricut by 9,096.7% during the first quarter. Lazard Asset Management LLC now owns 13,795 shares of the company’s stock worth $65,000 after buying an additional 13,645 shares during the last quarter. Bleakley Financial Group LLC bought a new stake in Cricut in the first quarter valued at $78,000. Simplicity Wealth LLC bought a new stake in Cricut in the first quarter valued at $78,000. Oxford Asset Management LLP bought a new stake in Cricut in the fourth quarter valued at $181,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Cricut by 40.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 28,008 shares of the company’s stock valued at $134,000 after purchasing an additional 8,077 shares in the last quarter. Institutional investors 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.