Circle Internet Group (NYSE:CRCL) Posts Quarterly Earnings Results

Circle Internet Group (NYSE:CRCL) announced its quarterly earnings results on Wednesday. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.44, Zacks reports. The company had revenue of $739.76 million during the quarter. Circle Internet Group’s revenue was up 65.9% compared to the same quarter last year.

Circle Internet Group Stock Up 0.1%

Shares of NYSE:CRCL traded up $0.08 during trading on Thursday, hitting $86.38. The company’s stock had a trading volume of 29,612,975 shares, compared to its average volume of 18,414,420. The company has a 50-day simple moving average of $128.16. Circle Internet Group has a 12 month low of $64.00 and a 12 month high of $298.99.

Insiders Place Their Bets

In related news, Director Rajeev V. Date sold 33,400 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $4,244,472.00. Following the completion of the sale, the director directly owned 248,663 shares of the company’s stock, valued at approximately $31,600,094.04. This represents a 11.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Patrick Sean Neville sold 260,374 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $33,088,327.92. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 831,014 shares of company stock valued at $105,416,046.

Hedge Funds Weigh In On Circle Internet Group

Hedge funds have recently added to or reduced their stakes in the stock. General Catalyst Group Management LLC bought a new position in Circle Internet Group in the second quarter worth approximately $3,647,694,000. Invesco Ltd. purchased a new position in Circle Internet Group in the 2nd quarter worth $47,640,000. Federated Hermes Inc. acquired a new stake in shares of Circle Internet Group during the second quarter worth about $6,345,000. Tower Research Capital LLC TRC acquired a new stake in Circle Internet Group during the 2nd quarter valued at approximately $4,039,000. Finally, Scopus Asset Management L.P. purchased a new stake in Circle Internet Group in the second quarter valued at $3,780,000.

Analyst Upgrades and Downgrades

CRCL has been the subject of a number of recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $247.00 target price on shares of Circle Internet Group in a report on Thursday, September 11th. The Goldman Sachs Group started coverage on shares of Circle Internet Group in a research report on Tuesday, August 12th. They issued a “neutral” rating and a $83.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday. Oppenheimer started coverage on Circle Internet Group in a research note on Friday, September 12th. They issued a “market perform” rating on the stock. Finally, William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Circle Internet Group currently has an average rating of “Hold” and a consensus price target of $151.53.

Circle Internet Group Company Profile

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.