Cricut (NASDAQ:CRCT) Stock Price Down 7%

Shares of Cricut, Inc. (NASDAQ:CRCT) fell 7% during mid-day trading on Monday . The company traded as low as $5.57 and last traded at $5.57. 466,180 shares were traded during mid-day trading, a decline of 46% from the average session volume of 864,920 shares. The stock had previously closed at $5.99.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CRCT shares. Citigroup dropped their price target on Cricut from $8.50 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. The Goldman Sachs Group dropped their price objective on Cricut from $7.00 to $5.75 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. Finally, Barclays reduced their target price on shares of Cricut from $6.00 to $4.00 and set an “underweight” rating on the stock in a report on Thursday, March 7th.

Cricut Stock Up 4.3 %

The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 19.72 and a beta of 0.10. The firm has a fifty day moving average price of $6.32 and a 200-day moving average price of $5.76.

Cricut (NASDAQ:CRCT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.02. Cricut had a net margin of 8.54% and a return on equity of 12.25%. The business had revenue of $167.39 million for the quarter, compared to analyst estimates of $174.20 million. Equities research analysts anticipate that Cricut, Inc. will post 0.24 earnings per share for the current fiscal year.

Cricut Dividend Announcement

The business also recently declared a Semi-Annual dividend, which will be paid on Friday, July 19th. Shareholders of record on Tuesday, July 2nd will be issued a $0.50 dividend. The ex-dividend date is Tuesday, July 2nd. This represents a dividend yield of 1.3%.

Insider Transactions at Cricut

In other news, CEO Arora Ashish sold 129,186 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $7.11, for a total value of $918,512.46. Following the transaction, the chief executive officer now directly owns 2,090,420 shares in the company, valued at approximately $14,862,886.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Donald B. Olsen sold 11,045 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $7.48, for a total value of $82,616.60. Following the completion of the sale, the executive vice president now directly owns 562,873 shares in the company, valued at approximately $4,210,290.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Arora Ashish sold 129,186 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $7.11, for a total value of $918,512.46. Following the transaction, the chief executive officer now owns 2,090,420 shares in the company, valued at approximately $14,862,886.20. The disclosure for this sale can be found here. Insiders sold a total of 298,847 shares of company stock worth $2,130,703 in the last ninety days. Insiders own 18.02% of the company’s stock.

Institutional Investors Weigh In On Cricut

Large investors have recently modified their holdings of the stock. Lazard Asset Management LLC grew its stake in Cricut by 9,096.7% during the 1st quarter. Lazard Asset Management LLC now owns 13,795 shares of the company’s stock valued at $65,000 after purchasing an additional 13,645 shares in the last quarter. Bleakley Financial Group LLC acquired a new stake in shares of Cricut during the first quarter worth approximately $78,000. Simplicity Wealth LLC acquired a new stake in shares of Cricut during the first quarter worth approximately $78,000. Oxford Asset Management LLP bought a new stake in shares of Cricut in the fourth quarter worth $181,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Cricut by 40.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,008 shares of the company’s stock valued at $134,000 after acquiring an additional 8,077 shares during the last quarter. Institutional investors and hedge funds own 19.60% of the company’s stock.

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.