Cricut, Inc. (NASDAQ:CRCT) Short Interest Update

Cricut, Inc. (NASDAQ:CRCT) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totalling 3,800,000 shares, a drop of 9.3% from the March 15th total of 4,190,000 shares. Based on an average daily trading volume, of 897,800 shares, the short-interest ratio is currently 4.2 days. Currently, 9.0% of the shares of the stock are short sold.

Insider Buying and Selling at Cricut

In other Cricut news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $4.83, for a total value of $4,830,000.00. Following the sale, the insider now owns 5,273,978 shares in the company, valued at $25,473,313.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRCT. UBS Group AG increased its stake in Cricut by 203.0% during the 3rd quarter. UBS Group AG now owns 3,436 shares of the company’s stock valued at $32,000 after purchasing an additional 2,302 shares in the last quarter. Legal & General Group Plc lifted its holdings in Cricut by 113.2% during the second quarter. Legal & General Group Plc now owns 6,033 shares of the company’s stock valued at $37,000 after purchasing an additional 3,203 shares in the last quarter. Quantbot Technologies LP purchased a new position in Cricut during the second quarter valued at approximately $38,000. Royal Bank of Canada raised its position in shares of Cricut by 154.0% during the second quarter. Royal Bank of Canada now owns 3,183 shares of the company’s stock valued at $39,000 after buying an additional 1,930 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Cricut during the third quarter valued at approximately $46,000. 19.60% of the stock is currently owned by institutional investors.

Cricut Trading Up 0.4 %

Shares of NASDAQ CRCT traded up $0.02 during midday trading on Wednesday, hitting $5.01. The company’s stock had a trading volume of 151,069 shares, compared to its average volume of 873,808. The stock has a fifty day moving average price of $4.97 and a 200 day moving average price of $6.38. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 20.79 and a beta of 0.11. Cricut has a one year low of $4.43 and a one year high of $17.89.

Cricut (NASDAQ:CRCT) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). Cricut had a return on equity of 9.59% and a net margin of 7.01%. The company had revenue of $231.25 million during the quarter, compared to the consensus estimate of $252.67 million. During the same period in the previous year, the company earned $0.05 EPS. Cricut’s quarterly revenue was down 17.6% on a year-over-year basis. On average, equities research analysts predict that Cricut will post 0.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRCT has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their target price on shares of Cricut from $7.00 to $5.75 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. Barclays lowered their target price on shares of Cricut from $6.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, March 7th. Finally, Citigroup decreased their price target on shares of Cricut from $8.50 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, March 6th.

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.