Insider Selling: Cricut (NASDAQ:CRCT) CEO Sells $626,500.00 in Stock

Key Points

• CEO Ashish Arora sold 70,000 Cricut shares at an average of $8.95, for $626,500. The sale was made under a pre-arranged Rule 10b5-1 plan.
• After the transaction, Arora retained 4,838,740 shares, valued at about $43.3 million. The article also lists several other recent sales by Arora.
• Cricut’s latest quarterly results beat analyst expectations, with EPS of $0.13 versus $0.05 estimated and revenue of $188.6 million versus $172.0 million expected; analysts’ consensus rating was “Strong Sell,” with a $4.73 target price.

Cricut, Inc. (NASDAQ:CRCT - Get Free Report) CEO Ashish Arora sold 70,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $8.95, for a total transaction of $626,500.00. Following the transaction, the chief executive officer owned 4,838,740 shares in the company, valued at approximately $43,306,723. This trade represents a 1.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arora Ashish also recently made the following trade(s):

• On Friday, November 13th, Ashish Arora sold 70,000 shares of Cricut stock. The stock was sold at an average price of $8.58, for a total transaction of $600,600.00.
• On Friday, October 23rd, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $6.26, for a total transaction of $375,600.00.
• On Wednesday, October 21st, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $6.31, for a total transaction of $378,600.00.
• On Monday, October 5th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $6.43, for a total transaction of $385,800.00.
• On Thursday, October 1st, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $6.50, for a total value of $390,000.00.
• On Thursday, September 17th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.68, for a total value of $340,800.00.
• On Tuesday, September 15th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.62, for a total value of $337,200.00.
• On Friday, September 4th, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.61, for a total value of $336,600.00.
• On Wednesday, September 2nd, Ashish Arora sold 60,000 shares of Cricut stock. The stock was sold at an average price of $5.79, for a total value of $347,400.00.
• On Wednesday, August 19th, Ashish Arora sold 60,000 shares of Cricut stock. The shares were sold at an average price of $5.48, for a total transaction of $328,800.00.

Cricut Price Performance

Shares of CRCT traded up $0.15 on Friday, reaching $8.65. The company's stock had a trading volume of 975,590 shares, compared to its average volume of 679,374. The stock's 50 day simple moving average is $6.49 and its two-hundred day simple moving average is $5.02. The stock has a market capitalization of $1.81 billion, a P/E ratio of 18.80 and a beta of 0.24. Cricut, Inc. has a 12-month low of $3.73 and a 12-month high of $9.70.

Cricut (NASDAQ:CRCT - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.08. Cricut had a net margin of 13.42% and a return on equity of 25.88%. The business had revenue of $188.62 million during the quarter, compared to analysts' expectations of $172.02 million. Analysts expect that Cricut, Inc. will post 0.32 earnings per share for the current year.

Cricut Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Thursday, January 21st. Stockholders of record on Thursday, January 7th will be paid a $0.10 dividend. This represents a dividend yield of 228.0%. The ex-dividend date is Thursday, January 7th. Cricut's dividend payout ratio is 43.48%.

Analyst Upgrades and Downgrades

CRCT has been the subject of several recent research reports. Zacks Research lowered Cricut from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Morgan Stanley restated an "underweight" rating and set a $3.70 target price on shares of Cricut in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Cricut from a "hold" rating to a "buy" rating in a research report on Saturday, November 7th. Weiss Ratings upgraded shares of Cricut from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, November 3rd. Finally, The Goldman Sachs Group initiated coverage on shares of Cricut in a research note on Wednesday, August 19th. They set a "sell" rating and a $4.50 target price on the stock. Two investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Strong Sell" and a consensus target price of $4.73.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in shares of Cricut in the second quarter worth $2,409,000. Dimensional Fund Advisors LP boosted its position in shares of Cricut by 30.4% during the first quarter. Dimensional Fund Advisors LP now owns 985,868 shares of the company's stock worth $3,687,000 after acquiring an additional 229,663 shares during the last quarter. Alps Advisors Inc. bought a new position in shares of Cricut during the third quarter worth $655,000. Public Employees Retirement System of Ohio purchased a new position in Cricut during the second quarter valued at $355,000. Finally, Bank of America Corp DE grew its stake in Cricut by 124.4% during the first quarter. Bank of America Corp DE now owns 116,790 shares of the company's stock valued at $437,000 after acquiring an additional 64,737 shares in the last quarter. 19.60% of the stock is owned by hedge funds and other institutional investors.

About Cricut

Cricut, Inc. provides a platform of products and services for people who create personalized projects. Its offerings include connected cutting machines, heat presses, tools and materials used to make items such as cards, home décor, apparel and gifts. The company also offers Design Space, a digital design application that lets users create or customize projects and send them to compatible Cricut machines. Optional subscription services provide access to additional designs and other creative content.

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