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Ashish Arora, CEO of Cricut , Inc. (NASDAQ:CRCT), has sold a significant portion of his holdings in the company. According to the latest SEC filing, Arora sold a total of 63,750 shares of Class A Common Stock over three consecutive days, from February 3 to February 5, 2025. The transactions were executed at weighted average prices ranging from $5.2738 to $5.657 per share, amounting to a total value of approximately $348,194. The stock, currently trading at $5.71, appears undervalued according to InvestingPro analysis, with strong financial health indicators including a healthy current ratio of 3.16 and minimal debt-to-equity of 0.02.
The sales were conducted under a Rule 10b5-1 trading plan, which Arora adopted on August 19, 2024. Following these transactions, Arora retains ownership of 3,630,377 shares in the company. These sales reflect Arora’s continued engagement with the stock market, aligning with his pre-established trading strategy. InvestingPro subscribers can access 8 additional key insights about CRCT, including detailed analysis of management’s share buyback activity and the company’s robust cash flow position. Get the complete picture with InvestingPro’s comprehensive research report, available for 1,400+ US stocks.
In other recent news, creative technology company Cricut, Inc. reported a decline in its Q3 2024 total revenue by 4% year-on-year, with the figure standing at $167.9 million. Despite this decrease, the company witnessed a slight rise in platform revenue and a 5% growth in paid subscribers. However, product revenue fell by 7%, primarily due to a drop in connected machines revenue, attributed to increased promotional activities for the upcoming holiday season. In terms of profitability, Cricut reported a decrease in gross margin and a significant fall in operating income, yet maintained a positive net income for the 23rd consecutive quarter.
The company’s international sales saw a 2% growth, constituting 23% of total revenue. Operating income decreased by 55% to $10.6 million, while net income stood at $11.5 million. As part of its future strategy, Cricut plans to continue investing in marketing and product innovation, backed by a strong balance sheet of $247 million in cash and no debt.
These recent developments come amid Cricut’s strategic shifts. The company expects total sales to decline for the full year, while anticipating growth in paid subscribers and slight increases in platform revenue. Despite facing challenges in product revenue and overall engagement, Cricut remains optimistic about its shift towards annual subscriptions and international growth.
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