Cricut (NASDAQ:CRCT) Sees Large Volume Increase Following Better-Than-Expected Earnings

Cricut, Inc. (NASDAQ:CRCT) shares saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 299,338 shares changed hands 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. The firm had revenue of $209.31 million for the quarter, compared to analysts’ expectations of $214.41 million. Cricut had a net margin of 8.47% and a return on equity of 12.36%.

Wall Street Analyst Weigh In

Separately, Morgan Stanley cut their price objective on Cricut from $3.90 to $3.80 and set an “underweight” rating for the company in a report on Thursday.

Insider Activity

In other Cricut news, CEO Arora Ashish sold 21,250 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $6.00, for a total value of $127,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,844,590 shares in the company, valued at $23,067,540. This trade represents a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders sold 373,210 shares of company stock worth $2,168,982. Insiders own 18.02% of the company’s stock.

Hedge Funds Weigh In On Cricut

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Cricut in the fourth quarter worth $89,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cricut by 28.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 112,035 shares of the company’s stock valued at $639,000 after acquiring an additional 24,507 shares in the last quarter. State of Wyoming lifted its position in shares of Cricut by 138.1% in the fourth quarter. State of Wyoming now owns 87,097 shares of the company’s stock worth $496,000 after purchasing an additional 50,514 shares in the last quarter. ProShare Advisors LLC purchased a new position in Cricut during the fourth quarter valued at approximately $75,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 purchasing an additional 1,695 shares in the last quarter. Institutional investors and hedge funds own 19.60% of the company’s stock.

Cricut Stock Performance

The company’s 50 day simple moving average is $5.68 and its two-hundred day simple moving average is $5.90. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 20.29 and a beta of -0.02.

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.