Circle Internet Group (NYSE:CRCL) Releases Earnings Results, Beats Expectations By $0.44 EPS

Circle Internet Group (NYSE:CRCL) issued its earnings results on Wednesday. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.20 by $0.44, Zacks reports. The firm had revenue of $739.76 million during the quarter. The firm’s quarterly revenue was up 65.9% on a year-over-year basis.

Circle Internet Group Trading Down 10.4%

Circle Internet Group stock traded down $10.21 during mid-day trading on Wednesday, hitting $88.09. The company had a trading volume of 30,387,950 shares, compared to its average volume of 18,247,527. The firm’s fifty day moving average is $128.81. Circle Internet Group has a 12-month low of $64.00 and a 12-month high of $298.99.

Insider Activity

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 33,608 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total transaction of $4,081,691.60. Following the sale, the chief financial officer directly owned 297,823 shares in the company, valued at $36,170,603.35. This represents a 10.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Tamara L. Schulz sold 836 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $106,238.88. Following the completion of the sale, the chief accounting officer owned 93,609 shares in the company, valued at approximately $11,895,831.72. This represents a 0.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 831,014 shares of company stock valued at $105,416,046 in the last three months.

Institutional Trading of Circle Internet Group

Several large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group during the second quarter valued at $27,000. Banque Transatlantique SA acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $134,000. Brevan Howard Capital Management LP acquired a new stake in Circle Internet Group during the second quarter worth about $281,000. Creative Planning acquired a new position in Circle Internet Group during the second quarter valued at approximately $295,000. Finally, Captrust Financial Advisors purchased a new stake in Circle Internet Group during the 2nd quarter worth $317,000.

Wall Street Analyst Weigh In

Several brokerages have commented on CRCL. Needham & Company LLC restated a “buy” rating and set a $250.00 price objective on shares of Circle Internet Group in a research report on Monday, September 8th. Compass Point downgraded shares of Circle Internet Group from a “neutral” rating to a “sell” rating and lowered their target price for the company from $205.00 to $130.00 in a report on Monday, July 21st. Deutsche Bank Aktiengesellschaft dropped their price objective on Circle Internet Group from $163.00 to $123.00 and set a “hold” rating on the stock in a report on Wednesday, August 20th. Citigroup initiated coverage on shares of Circle Internet Group in a research note on Tuesday, September 30th. They issued a “market perform” rating for the company. Finally, Citizens Jmp began coverage on shares of Circle Internet Group in a research note on Tuesday, September 30th. They set a “market perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $164.47.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.