Circle Internet Group (NYSE:CRCL) Trading Up 9.7% on Analyst Upgrade

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price shot up 9.7% during mid-day trading on Wednesday after Freedom Capital upgraded the stock to a hold rating. The company traded as high as $104.39 and last traded at $105.3340. 2,997,011 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 15,080,079 shares. The stock had previously closed at $96.02.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird raised their price target on Circle Internet Group from $110.00 to $138.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. JPMorgan Chase & Co. decreased their target price on Circle Internet Group from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th. Clear Str upgraded Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 16th. William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a report on Wednesday, February 25th. Finally, Mizuho increased their price objective on shares of Circle Internet Group from $100.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Circle Internet Group currently has an average rating of “Hold” and an average price target of $127.24.

Insider Buying and Selling

In other news, CFO Jeremy Fox-Geen sold 4,238 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $90.00, for a total transaction of $381,420.00. Following the completion of the sale, the chief financial officer owned 363,726 shares in the company, valued at $32,735,340. The trade was a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director M Michele Burns sold 1,666 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $92.38, for a total value of $153,905.08. Following the completion of the transaction, the director owned 341,872 shares in the company, valued at approximately $31,582,135.36. This represents a 0.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 545,874 shares of company stock worth $52,991,625. 10.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bartlett & CO. Wealth Management LLC bought a new position in Circle Internet Group in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC raised its position in shares of Circle Internet Group by 3,800.0% during the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 190 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Circle Internet Group in the 3rd quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $27,000. Finally, Bellevue Asset Management LLC bought a new position in shares of Circle Internet Group in the 4th quarter worth $29,000.

Circle Internet Group Price Performance

The business has a 50 day moving average of $94.86 and a 200 day moving average of $92.82. The firm has a market capitalization of $25.91 billion and a price-to-earnings ratio of -56.38.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.18. The company had revenue of $770.23 million during the quarter. The company’s revenue for the quarter was up 76.9% on a year-over-year basis. As a group, equities analysts predict that Circle Internet Group, Inc. will post 0.84 EPS for the current year.

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.