Circle Internet Group (NYSE:CRCL) Stock Price Up 11.6% – Still a Buy?

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price rose 11.6% on Wednesday . The stock traded as high as $86.59 and last traded at $86.3960. Approximately 20,867,503 shares were traded during trading, an increase of 11% from the average daily volume of 18,855,432 shares. The stock had previously closed at $77.44.

Wall Street Analysts Forecast Growth

CRCL has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Circle Internet Group from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $94.00 to $100.00 in a research note on Thursday, November 13th. Oppenheimer started coverage on shares of Circle Internet Group in a report on Friday, September 12th. They set a “market perform” rating on the stock. Baird R W raised shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Rothschild Redb raised shares of Circle Internet Group to a “hold” rating in a research report on Friday, October 3rd. Finally, The Goldman Sachs Group cut their target price on Circle Internet Group from $92.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $144.69.

Circle Internet Group Stock Performance

The business has a 50-day moving average price of $110.88.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. The company had revenue of $739.76 million for the quarter. The firm’s quarterly revenue was up 65.9% compared to the same quarter last year.

Insider Transactions at Circle Internet Group

In other Circle Internet Group news, insider Nikhil Chandhok sold 100,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $77.08, for a total value of $7,708,000.00. Following the sale, the insider directly owned 493,639 shares in the company, valued at $38,049,694.12. The trade was a 16.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rajeev V. Date sold 127,247 shares of the company’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $72.29, for a total value of $9,198,685.63. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 618,847 shares of company stock valued at $49,268,665.

Hedge Funds Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC bought a new position in shares of Circle Internet Group in the second quarter worth $27,000. PNC Financial Services Group Inc. lifted its holdings in Circle Internet Group by 14.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company’s stock worth $154,000 after purchasing an additional 151 shares in the last quarter. North Star Investment Management Corp. purchased a new stake in Circle Internet Group during the 2nd quarter worth about $34,000. Larson Financial Group LLC boosted 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 purchasing an additional 190 shares during the period. Finally, Hennessy Advisors Inc. purchased a new position in Circle Internet Group during the 2nd quarter valued at about $36,000.

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.