Circle Internet Group (NYSE:CRCL) Shares Gap Up – Here’s Why

Circle Internet Group, Inc. (NYSE:CRCLGet Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $78.59, but opened at $82.99. Circle Internet Group shares last traded at $81.9680, with a volume of 6,452,746 shares changing hands.

Wall Street Analyst Weigh In

CRCL has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Circle Internet Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. The Goldman Sachs Group set a $71.00 price objective on shares of Circle Internet Group in a research report on Thursday, August 6th. Needham & Company LLC dropped their target price on shares of Circle Internet Group from $150.00 to $127.00 and set a “buy” rating for the company in a report on Thursday, August 6th. TD Cowen boosted their target price on Circle Internet Group from $82.00 to $87.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, William Blair restated an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.12.

Get Our Latest Research Report on CRCL

Circle Internet Group Price Performance

The firm has a market cap of $20.92 billion, a PE ratio of 56.44 and a beta of 0.23. The company’s 50 day moving average price is $69.00 and its 200 day moving average price is $86.13.

Circle Internet Group (NYSE:CRCLGet Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.08). The business had revenue of $701.32 million for the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($4.48) earnings per share. Sell-side analysts expect that Circle Internet Group, Inc. will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group news, Director Danita K. Ostling sold 20,000 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $61.65, for a total value of $1,233,000.00. Following the sale, the director owned 4,608 shares of the company’s stock, valued at $284,083.20. This trade represents a 81.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeremy Fox-Geen sold 8,476 shares of Circle Internet Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $75.00, for a total value of $635,700.00. Following the completion of the transaction, the chief financial officer owned 323,837 shares of the company’s stock, valued at $24,287,775. The trade was a 2.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 2,052,639 shares of company stock valued at $158,812,690. Insiders own 10.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRCL. Public Employees Retirement System of Ohio acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $5,539,000. Accel XI Associates L.L.C. purchased a new stake in shares of Circle Internet Group during the 2nd quarter worth $56,999,563,000. AI Squared Management Ltd acquired a new position in shares of Circle Internet Group during the second quarter worth $463,000. Ninepoint Partners LP acquired a new position in shares of Circle Internet Group during the second quarter worth $251,000. Finally, Bank of New York Mellon Corp purchased a new position in Circle Internet Group in the second quarter valued at $25,467,000.

About Circle Internet Group

(Get Free Report)

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.

Further Reading

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