Circle Internet Group, Inc. (NYSE:CRCL – Get Free Report)’s stock price traded up 10% during mid-day trading on Wednesday . The company traded as high as $79.40 and last traded at $78.9320. Approximately 9,060,561 shares changed hands during trading, a decline of 38% from the average daily volume of 14,591,998 shares. The stock had previously closed at $71.73.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on CRCL. Raymond James Financial started coverage on shares of Circle Internet Group in a report on Tuesday, July 21st. They set a “market perform” rating on the stock. TD Cowen increased their price objective on shares of Circle Internet Group from $82.00 to $87.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Wall Street Zen downgraded shares of Circle Internet Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Mizuho set a $45.00 target price on shares of Circle Internet Group and gave the company a “neutral” rating in a research note on Friday, July 31st. Finally, Compass Point set a $62.00 target price on shares of Circle Internet Group in a report on Wednesday, July 15th. One 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 issued a Sell rating to the stock. According to MarketBeat, Circle Internet Group has a consensus rating of “Hold” and a consensus price target of $97.12.
Get Our Latest Analysis on Circle Internet Group
Circle Internet Group Stock Performance
Circle Internet Group (NYSE:CRCL – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). The company had revenue of $701.32 million for the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. Circle Internet Group’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the business posted ($4.48) earnings per share. As a group, equities analysts predict that Circle Internet Group, Inc. will post 1.04 EPS for the current year.
Insider Activity
In other Circle Internet Group news, President Heath Tarbert sold 39,240 shares of Circle Internet Group stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $81.47, for a total value of $3,196,882.80. Following the sale, the president directly owned 502,558 shares in the company, valued at approximately $40,943,400.26. The trade was a 7.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 489,737 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the sale, the insider owned 521,809 shares in the company, valued at approximately $37,763,317.33. The trade was a 48.41% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 2,052,639 shares of company stock valued at $158,812,690 in the last quarter. Company insiders own 10.85% of the company’s stock.
Institutional Investors Weigh In On Circle Internet Group
Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group during the second quarter valued at approximately $27,000. Larson Financial Group LLC increased its stake in 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 acquiring an additional 190 shares during the last quarter. National Bank of Canada FI purchased a new stake in shares of Circle Internet Group during the 3rd quarter worth approximately $37,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Circle Internet Group during the 3rd quarter worth approximately $39,000. Finally, WPG Advisers LLC purchased a new stake in shares of Circle Internet Group during the 1st quarter worth approximately $31,000.
About Circle Internet Group
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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