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

Cricut, Inc. (NASDAQ:CRCT) saw a large increase in short interest in 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 trading volume of 842,200 shares, the days-to-cover ratio is currently 4.8 days. Approximately 9.7% of the shares of the stock are short sold.

Cricut Stock Up 0.8 %

Shares of NASDAQ CRCT opened at $5.36 on Thursday. Cricut has a twelve month low of $4.43 and a twelve month high of $17.89. The stock’s 50 day moving average price is $4.98 and its 200-day moving average price is $6.14. The company has a market capitalization of $1.16 billion, a PE ratio of 22.33 and a beta of 0.11.

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

Analysts Set New Price Targets

A number of analysts recently commented on CRCT shares. The Goldman Sachs Group decreased their target price on Cricut from $7.00 to $5.75 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. Barclays cut their target price on Cricut from $6.00 to $4.00 and set an “underweight” rating on the stock in a research note on Thursday, March 7th. Finally, Citigroup cut their target price on Cricut from $8.50 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 6th.

Insider Activity at Cricut

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $4.83, for a total transaction of $4,830,000.00. Following 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 is available at this hyperlink. 18.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cricut

Institutional investors have recently bought and sold shares of the company. Strs Ohio lifted its stake in 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 purchasing an additional 6,100 shares during the last quarter. Quantbot Technologies LP bought a new stake in Cricut during the 3rd quarter valued at $72,000. Vanguard Group Inc. raised its holdings in Cricut by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 3,200,781 shares of the company’s stock valued at $29,735,000 after acquiring an additional 133,624 shares during the period. Bank of New York Mellon Corp raised its holdings in Cricut by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 189,053 shares of the company’s stock valued at $1,756,000 after acquiring an additional 3,900 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Cricut during the 3rd quarter valued at $46,000. Hedge funds and other institutional investors 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.