Circle Internet Group (NYSE:CRCL) Trading Up 6.5% – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL) shares rose 6.5% during mid-day trading on Monday . The stock traded as high as $64.56 and last traded at $64.38. Approximately 3,436,469 shares changed hands during trading, a decline of 77% from the average daily volume of 15,079,350 shares. The stock had previously closed at $60.46.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRCL. Wall Street Zen downgraded Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Needham & Company LLC raised their target price on shares of Circle Internet Group from $130.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. William Blair restated an “outperform” rating on shares of Circle Internet Group in a research report on Thursday, June 11th. Morgan Stanley upped their price target on shares of Circle Internet Group from $80.00 to $106.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Finally, Susquehanna initiated coverage on shares of Circle Internet Group in a research report on Wednesday, July 1st. They set a “neutral” rating and a $69.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $113.25.

Circle Internet Group Price Performance

The company has a market capitalization of $16.53 billion and a price-to-earnings ratio of -20.81. The firm’s fifty day moving average price is $86.77 and its 200-day moving average price is $87.86.

Circle Internet Group (NYSE:CRCL) last posted its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.06). The firm had revenue of $694.13 million during the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, research analysts predict that Circle Internet Group, Inc. will post 0.98 earnings per share for the current year.

Insider Transactions at Circle Internet Group

In other news, insider Hossein Razzaghi sold 1,831 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $64.40, for a total value of $117,916.40. Following the completion of the sale, the insider owned 662,856 shares of the company’s stock, valued at approximately $42,687,926.40. This represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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. Also, insider Nikhil Chandhok sold 26,666 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $63.90, for a total value of $1,703,957.40. Following the transaction, the insider owned 725,068 shares of the company’s stock, valued at $46,331,845.20. This trade represents a 3.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,966,527 shares of company stock worth $156,751,921. 10.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors have recently modified their holdings of CRCL. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group during the second quarter worth $27,000. Larson Financial Group LLC boosted its stake in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after acquiring an additional 190 shares in the last quarter. National Bank of Canada FI acquired a new stake in Circle Internet Group in the third quarter worth $37,000. Pin Oak Investment Advisors Inc. bought a new stake in Circle Internet Group in the third quarter valued at $39,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of Circle Internet Group during the fourth quarter valued at about $25,000.

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.