Shares of Cricut, Inc. (NASDAQ:CRCT - Get Free Report) saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 299,338 shares traded hands during mid-day 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 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. The company had revenue of $209.31 million during the quarter, compared to the consensus estimate of $214.41 million. Cricut had a net margin of 8.47% and a return on equity of 12.36%.
Wall Street Analysts Forecast Growth
Separately, Morgan Stanley cut their target price on shares of Cricut from $3.90 to $3.80 and set an "underweight" rating for the company in a research report on Thursday.
View Our Latest Analysis on Cricut
Insiders Place Their Bets
In other Cricut 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 value of $335,400.00. Following the completion of the sale, the chief executive officer now owns 3,391,635 shares of the company's stock, valued at approximately $18,959,239.65. The trade was a 1.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 373,210 shares of company stock valued at $2,168,982. Company insiders own 18.02% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. R Squared Ltd purchased a new position in shares of Cricut during the 4th quarter worth $36,000. Copeland Capital Management LLC purchased a new position in shares of Cricut during the 4th quarter worth $63,000. Drive Wealth Management LLC purchased a new position in shares of Cricut during the 4th quarter worth $64,000. Olympiad Research LP purchased a new position in shares of Cricut during the 4th quarter worth $67,000. Finally, Caisse Des Depots ET Consignations purchased a new position in shares of Cricut during the 4th quarter worth $72,000. Hedge funds and other institutional investors own 19.60% of the company's stock.
Cricut Trading Down 2.1 %
The company's 50 day moving average price is $5.67 and its two-hundred day moving average price is $5.91. The firm has a market cap of $1.19 billion, a PE ratio of 19.86 and a beta of -0.02.
Cricut Company Profile
(
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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.
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