Crispr Therapeutics shares tumble after significant earnings miss
Len Blackwell, a director at Cricut , Inc. (NASDAQ:CRCT), has sold shares in the company totaling $320,607. The transactions, which occurred on December 17 and 18, involved the sale of 50,000 shares of Class A Common Stock at an average price range of $6.4013 to $6.4126 per share. The sale comes as Cricut maintains strong financial health, with a market capitalization of $1.29 billion and robust liquidity metrics, including a current ratio of 3.16x.
The sales were conducted as part of a pre-established Rule 10b5-1 trading plan. Following these transactions, Blackwell holds 1,458,047 shares indirectly through the L&J Blackwell Partnership Ltd., where he serves as president of the General Partner, Continuous Asset Management LLC.
In other recent news, creative technology company Cricut, Inc. reported a 4% decline in total Q3 2024 revenue, falling to $167.9 million. Despite this, the company saw a marginal rise in platform revenue and a 5% growth in paid subscribers. However, product revenue dropped by 7%, attributed primarily to a decrease in connected machines revenue. The company's operating income saw a significant decrease, falling by 55% to $10.6 million, although net income remained positive for the 23rd consecutive quarter.
In terms of future developments, Cricut plans to continue investing in marketing and product innovation, supported by a robust balance sheet with $247 million in cash and no debt. The company also declared a semi-annual dividend of $0.10 per share, payable in January 2025.
Cricut expects total sales to decline for the full year, though growth in paid subscribers and slight increases in platform revenue are anticipated. The company's long-term operating margin target is set at 15% to 19%. These are among the recent developments as Cricut continues to navigate its strategic shifts and competitive landscape.
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