Cricut (NASDAQ:CRCT) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Cricut, Inc. (NASDAQ:CRCT) saw unusually-high trading volume on Wednesday following a stronger than expected earnings report. Approximately 299,338 shares were traded during trading, an increase of 6% from the previous session’s volume of 281,340 shares.The stock last traded at $5.50 and had previously closed at $5.22.

The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02. Cricut had a return on equity of 12.36% and a net margin of 8.47%. The firm had revenue of $209.31 million during the quarter, compared to analyst estimates of $214.41 million.

Analyst Ratings Changes

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

Insider Activity

In other news, CEO Arora Ashish sold 60,000 shares of Cricut stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $5.59, for a total transaction of $335,400.00. Following the sale, the chief executive officer now owns 3,391,635 shares in the company, valued at $18,959,239.65. This trade represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 373,210 shares of company stock worth $2,168,982. 18.02% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Cricut by 6.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,095 shares of the company’s stock valued at $154,000 after acquiring an additional 1,695 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in Cricut by 4.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 49,055 shares of the company’s stock valued at $280,000 after purchasing an additional 2,272 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Cricut by 9.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,468 shares of the company’s stock valued at $186,000 after purchasing an additional 2,684 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in Cricut by 11.0% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 33,846 shares of the company’s stock worth $193,000 after purchasing an additional 3,365 shares during the last quarter. Finally, Algert Global LLC increased its holdings in Cricut by 4.5% during the 4th quarter. Algert Global LLC now owns 97,323 shares of the company’s stock worth $555,000 after purchasing an additional 4,213 shares during the last quarter. 19.60% of the stock is currently owned by hedge funds and other institutional investors.

Cricut Trading Up 4.3 %

The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 19.63 and a beta of -0.02. The stock has a 50-day simple moving average of $5.69 and a 200-day simple moving average of $5.91.

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.