Circle Internet Group (NYSE:CRCL) Stock Rating Raised to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Circle Internet Group (NYSE:CRCL – Free Report) from a strong sell rating to a sell rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other analysts also recently commented on the company. Compass Point set a $62.00 price objective on Circle Internet Group in a research report on Wednesday, July 15th. Zacks Research upgraded Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 16th. Seaport Research Partners set a $100.00 target price on Circle Internet Group in a research note on Monday, August 17th. HC Wainwright reduced their target price on Circle Internet Group from $115.00 to $104.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Finally, Canaccord Genuity Group reduced their target price on Circle Internet Group from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $98.12.

Read Our Latest Report on Circle Internet Group

Circle Internet Group Stock Performance

NYSE:CRCL opened at $72.35 on Friday. The firm’s 50-day moving average is $87.28 and its 200-day moving average is $85.81. The company has a market cap of $18.37 billion, a price-to-earnings ratio of 49.55 and a beta of 0.73. Circle Internet Group has a 52-week low of $49.90 and a 52-week high of $140.00.

Circle Internet Group (NYSE:CRCL – Get Free Report) last released 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). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The company had revenue of $701.32 million during the quarter. During the same period in the previous year, the firm posted ($4.48) EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts predict that Circle Internet Group will post 1.12 EPS for the current year.

Insider Transactions at Circle Internet Group

In other Circle Internet Group news, Director Danita Ostling sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $61.65, for a total transaction of $1,233,000.00. Following the completion of the transaction, the director owned 4,608 shares in the company, valued at $284,083.20. This trade represents a 81.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeremy Allaire sold 56,200 shares of Circle Internet Group stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $62.03, for a total value of $3,486,086.00. Following the sale, the chief executive officer directly owned 398,179 shares in the company, valued at $24,699,043.37. The trade was a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 500,657 shares of company stock valued at $40,557,306. Corporate insiders own 10.85% of the company’s stock.

Institutional Trading of Circle Internet Group

Several institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. increased its holdings in Circle Internet Group by 24.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,970,939 shares of the company’s stock valued at $326,292,000 after purchasing an additional 785,213 shares in the last quarter. Southpoint Capital Advisors LP raised its position in Circle Internet Group by 175.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after purchasing an additional 2,100,000 shares during the last quarter. Amova Asset Management Americas Inc. boosted its stake in Circle Internet Group by 13.4% in the first quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock worth $278,173,000 after purchasing an additional 344,539 shares in the last quarter. SBI Holdings USA Inc. acquired a new position in Circle Internet Group in the second quarter worth $101,084,820. Finally, Accel XI Associates L.L.C. acquired a new position in Circle Internet Group in the second quarter worth $56,999,563.

Circle Internet Group Company Profile

(Get Free Report)

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.

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Analyst Recommendations for Circle Internet Group (NYSE:CRCL)

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