Tenzing Global Management LLC Sells 1,225,000 Shares of Cricut, Inc. (NASDAQ:CRCT)

Tenzing Global Management LLC lowered its stake in shares of Cricut, Inc. (NASDAQ:CRCT - Free Report) by 57.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 925,000 shares of the company's stock after selling 1,225,000 shares during the quarter. Cricut comprises about 3.9% of Tenzing Global Management LLC's holdings, making the stock its 12th largest position. Tenzing Global Management LLC owned approximately 0.43% of Cricut worth $5,272,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. increased its stake in shares of Cricut by 25.8% during the fourth quarter. American Century Companies Inc. now owns 1,190,019 shares of the company's stock worth $6,783,000 after acquiring an additional 244,058 shares during the period. Geode Capital Management LLC increased its stake in shares of Cricut by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 1,095,510 shares of the company's stock worth $6,246,000 after acquiring an additional 14,191 shares during the period. Renaissance Technologies LLC increased its stake in shares of Cricut by 9.9% during the fourth quarter. Renaissance Technologies LLC now owns 608,543 shares of the company's stock worth $3,469,000 after acquiring an additional 55,011 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Cricut by 175.0% during the fourth quarter. Bank of New York Mellon Corp now owns 476,540 shares of the company's stock worth $2,716,000 after acquiring an additional 303,236 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Cricut by 10.9% during the fourth quarter. Northern Trust Corp now owns 451,772 shares of the company's stock worth $2,575,000 after acquiring an additional 44,260 shares during the period. Hedge funds and other institutional investors own 19.60% of the company's stock.

Cricut Price Performance

Shares of CRCT stock traded down $0.15 on Wednesday, hitting $6.11. 356,452 shares of the stock traded hands, compared to its average volume of 451,730. The company has a market capitalization of $1.29 billion, a PE ratio of 21.82 and a beta of 0.01. Cricut, Inc. has a 1-year low of $3.94 and a 1-year high of $7.17. The company's fifty day moving average is $5.18 and its 200 day moving average is $5.49.

Cricut (NASDAQ:CRCT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.03. Cricut had a net margin of 8.47% and a return on equity of 12.36%. The business had revenue of $162.63 million for the quarter, compared to analyst estimates of $158.55 million. As a group, equities research analysts expect that Cricut, Inc. will post 0.28 EPS for the current year.

Cricut Cuts Dividend

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

Insider Activity at Cricut

In other Cricut news, CEO Arora Ashish sold 60,000 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $5.59, for a total transaction of $335,400.00. Following the completion of the sale, the chief executive officer now directly owns 3,391,635 shares in the company, valued at $18,959,239.65. This represents a 1.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 305,009 shares of company stock valued at $1,785,494. Corporate insiders own 18.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CRCT shares. Citigroup restated a "sell" rating and issued a $4.00 price target (down previously from $6.00) on shares of Cricut in a report on Monday, April 14th. Morgan Stanley lowered their price target on Cricut from $3.90 to $3.80 and set an "underweight" rating on the stock in a report on Thursday, March 6th.

Cricut 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.