Cricut (NASDAQ:CRCT) Shares Gap Up After Dividend Announcement

Shares of Cricut, Inc. (NASDAQ:CRCT) gapped up prior to trading on Wednesday following a dividend announcement from the company. The stock had previously closed at $5.53, but opened at $6.43. Cricut shares last traded at $7.20, with a volume of 2,523,368 shares changing hands.

The newly announced dividend which will be paid on Friday, July 19th. Investors of record on Tuesday, July 2nd will be issued a dividend of $0.50 per share. This represents a dividend yield of 1.3%. The ex-dividend date is Tuesday, July 2nd.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRCT. The Goldman Sachs Group cut their price target on shares of Cricut from $7.00 to $5.75 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. Citigroup decreased their price target on Cricut from $8.50 to $6.00 and set a “neutral” rating on the stock in a research note 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 research note on Thursday, March 7th.

Cricut Price Performance

The stock has a market capitalization of $1.70 billion, a PE ratio of 32.75 and a beta of 0.03. The company has a 50 day moving average price of $5.18 and a 200-day moving average price of $6.07.

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

Insider Activity

In related news, major shareholder Abdiel Capital Management, Llc sold 1,000,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 5,273,978 shares of the company’s stock, valued at approximately $25,473,313.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 18.02% of the company’s stock.

Institutional Trading of Cricut

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of Cricut by 2.1% during the third quarter. Bank of New York Mellon Corp now owns 189,053 shares of the company’s stock valued at $1,756,000 after acquiring an additional 3,900 shares in the last quarter. Strs Ohio increased its holdings in shares of Cricut by 23.4% in the 3rd quarter. Strs Ohio now owns 32,200 shares of the company’s stock worth $299,000 after purchasing an additional 6,100 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Cricut in the third quarter worth $46,000. Quantbot Technologies LP bought a new position in shares of Cricut during the third quarter valued at $72,000. Finally, Vanguard Group Inc. boosted its position in shares of Cricut by 4.4% during the third quarter. Vanguard Group Inc. now owns 3,200,781 shares of the company’s stock valued at $29,735,000 after buying an additional 133,624 shares during the last quarter. 19.60% of the stock is currently owned by 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.