Cricut (NASDAQ:CRCT) Shares Down 4.1% - What's Next?

Cricut, Inc. (NASDAQ:CRCT - Get Free Report)'s share price dropped 4.1% during trading on Tuesday . The company traded as low as $5.87 and last traded at $5.90. Approximately 115,130 shares changed hands during trading, a decline of 74% from the average daily volume of 434,583 shares. The stock had previously closed at $6.15.

Wall Street Analysts Forecast Growth

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

Cricut Stock Down 4.7%

The business has a fifty day simple moving average of $6.30 and a 200-day simple moving average of $5.69. The firm has a market cap of $1.14 billion, a P/E ratio of 17.31 and a beta of 0.16.

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

Cricut Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Monday, July 21st. Stockholders of record on Monday, July 7th will be paid 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 currently 64.52%.

Insider Activity at Cricut

In other news, CEO Arora Ashish sold 53,489 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $5.94, for a total value of $317,724.66. Following the sale, the chief executive officer directly owned 2,758,442 shares of the company's stock, valued at approximately $16,385,145.48. This represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 593,489 shares of company stock valued at $3,701,725 over the last 90 days. Corporate insiders own 18.61% of the company's stock.

Institutional Investors Weigh In On Cricut

Institutional investors have recently modified their holdings of the stock. MQS Management LLC purchased a new stake in shares of Cricut during the first quarter valued at $59,000. Caisse Des Depots ET Consignations purchased a new stake in shares of Cricut during the fourth quarter valued at $72,000. ProShare Advisors LLC purchased a new stake in shares of Cricut during the fourth quarter valued at $75,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Cricut during the fourth quarter valued at $84,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of Cricut during the fourth quarter valued at $89,000. 19.60% of the stock is owned by hedge funds and other institutional investors.

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.