Cricut (NASDAQ:CRCT) Hits New 52-Week High - Here's Why

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $7.33 and last traded at $6.44, with a volume of 864933 shares trading hands. The stock had previously closed at $7.21.

Wall Street Analyst Weigh In

Separately, Citigroup reissued a "sell" rating and issued a $4.00 target price (down from $6.00) on shares of Cricut in a report on Monday, April 14th.

Cricut Stock Performance

The firm's 50-day moving average is $6.22 and its 200 day moving average is $5.69. The stock has a market cap of $1.31 billion, a PE ratio of 20.15 and a beta of 0.16.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. The business had revenue of $162.63 million during the quarter, compared to analysts' expectations of $158.55 million. Cricut had a net margin of 9.48% and a return on equity of 14.27%. On average, sell-side analysts predict that Cricut, Inc. will post 0.28 EPS for the current fiscal year.

Cricut Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be issued a $0.10 dividend. The ex-dividend date is Monday, July 7th. This represents a dividend yield of 3.3%. Cricut's dividend payout ratio is presently 64.52%.

Insider Transactions at Cricut

In related news, CEO Arora Ashish sold 60,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $6.57, for a total value of $394,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,931,931 shares of the company's stock, valued at $19,262,786.67. This trade represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 480,000 shares of company stock valued at $3,009,000 over the last three months. Company insiders own 18.02% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRCT. Strs Ohio purchased a new position in Cricut during the first quarter worth $333,000. Jane Street Group LLC increased its position in Cricut by 43.7% during the 1st quarter. Jane Street Group LLC now owns 20,176 shares of the company's stock worth $104,000 after purchasing an additional 6,140 shares in the last quarter. Ascent Group LLC purchased a new stake in Cricut during the 1st quarter worth about $218,000. Jacobs Levy Equity Management Inc. increased its position in Cricut by 305.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 309,756 shares of the company's stock worth $1,595,000 after purchasing an additional 233,292 shares in the last quarter. Finally, Ieq Capital LLC purchased a new stake in Cricut during the 1st quarter worth about $500,000. 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.

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