Circle Internet Group, Inc. (NYSE:CRCL – Get Free Report)’s stock price fell 7.6% on Friday . The company traded as low as $59.46 and last traded at $59.3870. 5,188,025 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 14,809,045 shares. The stock had previously closed at $64.24.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CRCL. Wall Street Zen lowered Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Robert W. Baird reduced their price target on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 13th. William Blair restated an “outperform” rating on shares of Circle Internet Group in a research note on Thursday, June 11th. The Goldman Sachs Group dropped their price objective on Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Finally, KeyCorp started coverage on Circle Internet Group in a research report on Tuesday, May 26th. They issued a “sector weight” rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $109.81.
View Our Latest Stock Report on CRCL
Circle Internet Group Stock Performance
Circle Internet Group (NYSE:CRCL – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The firm had revenue of $694.13 million during the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.Circle Internet Group’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, analysts forecast that Circle Internet Group, Inc. will post 0.86 earnings per share for the current fiscal year.
Insider Activity at Circle Internet Group
In related news, CEO Jeremy Allaire sold 56,200 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $82.93, for a total transaction of $4,660,666.00. Following the sale, the chief executive officer directly owned 510,579 shares of the company’s stock, valued at approximately $42,342,316.47. This represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 489,737 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $72.37, for a total value of $35,442,266.69. Following the sale, the insider directly owned 521,809 shares in the company, valued at approximately $37,763,317.33. This represents a 48.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,914,327 shares of company stock worth $151,802,213 over the last quarter. 10.85% of the stock is owned by corporate insiders.
Institutional Trading of Circle Internet Group
Several institutional investors have recently added to or reduced their stakes in CRCL. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Circle Internet Group during the fourth quarter worth $25,000. Larson Financial Group LLC lifted its position in shares of Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after buying an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at about $27,000. Bellevue Asset Management LLC bought a new stake in shares of Circle Internet Group during the 4th quarter valued at about $29,000. Finally, Harbour Investments Inc. grew its position in shares of Circle Internet Group by 170.0% during the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after buying an additional 238 shares during the last quarter.
Circle Internet Group Company Profile
Circle Internet Group (NYSE: CRCL) is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.
Circle’s core products and services center on digital currency issuance and programmable payments.
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