Insider Selling: Circle Internet Group (NYSE:CRCL) Insider Sells 34,623 Shares of Stock

Circle Internet Group, Inc. (NYSE:CRCL) insider Hossein Razzaghi sold 34,623 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total transaction of $2,730,023.55. Following the sale, the insider directly owned 666,404 shares of the company’s stock, valued at approximately $52,545,955.40. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Circle Internet Group Trading Down 5.8%

CRCL stock traded down $4.79 during trading on Friday, reaching $77.85. The stock had a trading volume of 12,261,592 shares, compared to its average volume of 15,330,555. The firm has a fifty day moving average price of $102.17 and a 200 day moving average price of $89.93. The company has a market capitalization of $19.35 billion and a P/E ratio of -24.33. Circle Internet Group, Inc. has a 1-year low of $49.90 and a 1-year high of $298.99.

Circle Internet Group (NYSE:CRCL) last announced its earnings results on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The business had revenue of $694.13 million for the quarter. Circle Internet Group’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts predict that Circle Internet Group, Inc. will post 1.02 EPS for the current year.

Hedge Funds Weigh In On Circle Internet Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning acquired a new position in Circle Internet Group during the 2nd quarter valued at about $295,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Circle Internet Group during the second quarter valued at $1,474,000. Invesco Ltd. acquired a new position in shares of Circle Internet Group in the second quarter worth about $47,640,000. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group in the 2nd quarter worth approximately $27,000. Finally, Baird Financial Group Inc. purchased a new position in shares of Circle Internet Group during the second quarter valued at $2,649,000.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CRCL. HC Wainwright upgraded Circle Internet Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $150.00 in a report on Monday, May 18th. Compass Point reiterated a “sell” rating and set a $77.00 target price (down from $79.00) on shares of Circle Internet Group in a research note on Thursday, April 9th. Freedom Capital raised shares of Circle Internet Group to a “hold” rating in a research report on Tuesday, April 21st. Zacks Research upgraded shares of Circle Internet Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 17th. Finally, William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $134.18.

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.