Short Interest in Cricut, Inc. (NASDAQ:CRCT) Declines By 9.3%

Cricut, Inc. (NASDAQ:CRCT) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 3,800,000 shares, a decrease of 9.3% from the March 15th total of 4,190,000 shares. Approximately 9.0% of the shares of the stock are sold short. Based on an average daily volume of 897,800 shares, the days-to-cover ratio is currently 4.2 days.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRCT. 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 report on Wednesday, March 6th. Citigroup dropped their price objective on Cricut from $8.50 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th. Finally, Barclays dropped their price objective on Cricut from $6.00 to $4.00 and set an “underweight” rating for the company in a report on Thursday, March 7th.

Cricut Stock Down 0.2 %

CRCT opened at $4.99 on Wednesday. The stock has a market cap of $1.08 billion, a PE ratio of 20.79 and a beta of 0.11. The business has a 50 day moving average of $4.97 and a 200-day moving average of $6.38. Cricut has a 52 week low of $4.43 and a 52 week high of $17.89.

Cricut (NASDAQ:CRCT) last released its earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.02). The firm had revenue of $231.25 million during the quarter, compared to analysts’ expectations of $252.67 million. Cricut had a net margin of 7.01% and a return on equity of 9.59%. The company’s revenue for the quarter was down 17.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.05 EPS. Equities analysts anticipate that Cricut will post 0.25 EPS for the current year.

Insider Activity

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now directly owns 5,273,978 shares in the company, valued at approximately $25,473,313.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 18.02% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRCT. UBS Group AG increased its position in Cricut by 203.0% during the 3rd quarter. UBS Group AG now owns 3,436 shares of the company’s stock valued at $32,000 after buying an additional 2,302 shares in the last quarter. Legal & General Group Plc increased its position in Cricut by 113.2% during the 2nd quarter. Legal & General Group Plc now owns 6,033 shares of the company’s stock valued at $37,000 after buying an additional 3,203 shares in the last quarter. Quantbot Technologies LP bought a new position in Cricut during the 2nd quarter valued at approximately $38,000. Royal Bank of Canada increased its position in Cricut by 154.0% during the 2nd quarter. Royal Bank of Canada now owns 3,183 shares of the company’s stock valued at $39,000 after buying an additional 1,930 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Cricut during the 3rd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 19.60% of the company’s stock.

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.