Cricut, Inc. (NASDAQ:CRCT) Sees Large Growth in Short Interest

Cricut, Inc. (NASDAQ:CRCT) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 4,050,000 shares, an increase of 6.6% from the March 31st total of 3,800,000 shares. Based on an average daily volume of 842,200 shares, the days-to-cover ratio is currently 4.8 days. Approximately 9.7% of the company’s stock are sold short.

Insider Transactions at Cricut

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of Cricut stock in a transaction 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 completion of the sale, the insider now owns 5,273,978 shares of the company’s stock, valued at approximately $25,473,313.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 18.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Strs Ohio lifted its stake in shares of Cricut by 23.4% in the third quarter. Strs Ohio now owns 32,200 shares of the company’s stock valued at $299,000 after buying an additional 6,100 shares during the period. Quantbot Technologies LP bought a new stake in shares of Cricut in the 3rd quarter worth approximately $72,000. Vanguard Group Inc. grew its holdings in shares of Cricut by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 3,200,781 shares of the company’s stock worth $29,735,000 after purchasing an additional 133,624 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cricut by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 189,053 shares of the company’s stock valued at $1,756,000 after purchasing an additional 3,900 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Cricut in the third quarter valued at $46,000. Institutional investors own 19.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup decreased their target price on Cricut from $8.50 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. Barclays reduced their price objective 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, The Goldman Sachs Group lowered their target price on shares of Cricut from $7.00 to $5.75 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th.

Cricut Stock Up 0.8 %

CRCT opened at $5.36 on Thursday. Cricut has a 12-month low of $4.43 and a 12-month high of $17.89. The firm has a market capitalization of $1.16 billion, a P/E ratio of 22.33 and a beta of 0.03. The stock’s 50 day moving average price is $4.98 and its two-hundred day moving average price is $6.14.

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

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.