Why Cricut Stock Was Up 26% in June
Shares of Cricut (NASDAQ: CRCT) were up 26.1% in June, according to data provided by S&P Global Market Intelligence. The company only had its initial public offering (IPO) in March, and IPOs are typically volatile soon after going public. So we may just be witnessing that volatility at work for Cricut. That said, a major shareholder significantly boosted its stake in Cricut during June, which likely caused the stock to jump.
According to a filing with the Securities and Exchange Commission (SEC) on June 25, Abdiel Capital now owns almost 22% of Class A shares of Cricut. The firm has been buying the stock regularly in recent weeks. However, it purchased over 850,000 shares from June 23 to June 24. For perspective, the float for Cricut stock is only 16.4 million shares, according to Yahoo Finance. And the average daily-trading volume is less than one million shares. The purchase of that many shares in just two days appears to have driven the stock's June spike.
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