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

Cricut, Inc. (NASDAQ:CRCT) shares gapped down before the market opened on Friday . The stock had previously closed at $5.91, but opened at $5.73. Cricut shares last traded at $5.85, with a volume of 74,515 shares.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Citigroup reiterated a “sell” rating and set a $4.00 price target (down previously from $6.00) on shares of Cricut in a research note on Monday, April 14th. Morgan Stanley decreased their target price on Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a research note on Thursday, March 6th.

Cricut Stock Performance

The stock has a 50-day simple moving average of $5.29 and a 200 day simple moving average of $5.50. The company has a market cap of $1.29 billion, a P/E ratio of 21.75 and a beta of 0.01.

Cricut (NASDAQ:CRCT) last issued its earnings results on Tuesday, May 6th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.03. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The business had revenue of $162.63 million during the quarter, compared to analysts’ expectations of $158.55 million. Sell-side analysts anticipate that Cricut, Inc. will post 0.28 earnings per share for the current fiscal year.

Cricut Cuts Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Monday, July 21st. Investors of record on Monday, July 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, July 7th. This represents a yield of 3.3%. Cricut’s dividend payout ratio is 64.52%.

Insider Buying and Selling at Cricut

In other news, CEO Arora Ashish sold 35,203 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $5.37, for a total value of $189,040.11. Following the transaction, the chief executive officer now directly owns 3,265,322 shares in the company, valued at $17,534,779.14. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 305,009 shares of company stock worth $1,820,894. Insiders own 18.61% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in Cricut by 16.4% during the first quarter. American Century Companies Inc. now owns 1,385,320 shares of the company’s stock worth $7,134,000 after acquiring an additional 195,301 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cricut by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 1,095,510 shares of the company’s stock worth $6,246,000 after acquiring an additional 14,191 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Cricut by 9.9% during the fourth quarter. Renaissance Technologies LLC now owns 608,543 shares of the company’s stock worth $3,469,000 after acquiring an additional 55,011 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Cricut by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 485,840 shares of the company’s stock worth $2,502,000 after acquiring an additional 9,300 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Cricut by 10.9% during the fourth quarter. Northern Trust Corp now owns 451,772 shares of the company’s stock worth $2,575,000 after acquiring an additional 44,260 shares in the last quarter. 19.60% of the stock is currently owned by institutional investors.

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.