Circle Internet Group (NYSE:CRCL) Stock Price Down 4.7% – What’s Next?

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price was down 4.7% on Friday. The company traded as low as $88.91 and last traded at $88.6030. Approximately 2,592,420 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 14,871,087 shares. The stock had previously closed at $93.00.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Compass Point set a $62.00 price objective on Circle Internet Group in a report on Wednesday, July 15th. Morgan Stanley reduced their target price on shares of Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating on the stock in a report on Thursday, August 6th. Canaccord Genuity Group dropped their target price on Circle Internet Group from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. TD Cowen increased their target price on shares of Circle Internet Group from $87.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, September 17th. Finally, Wall Street Zen cut Circle Internet Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $99.94.

Circle Internet Group Trading Down 4.5%

The business has a 50 day moving average price of $79.89 and a 200-day moving average price of $90.06. The firm has a market capitalization of $22.54 billion, a PE ratio of 60.83 and a beta of 0.59.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 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 return on equity of 13.58% and a net margin of 15.53%.The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($4.48) earnings per share. On average, equities research analysts forecast that Circle Internet Group, Inc. will post 1.08 earnings per share for the current year.

Insider Transactions at Circle Internet Group

In other Circle Internet Group news, CEO Jeremy Allaire sold 56,200 shares of the company’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $98.04, for a total value of $5,509,848.00. Following the transaction, the chief executive officer directly owned 333,760 shares in the company, valued at approximately $32,721,830.40. This represents a 14.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,666 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $100.40, for a total transaction of $2,677,266.40. Following the transaction, the insider directly owned 722,480 shares in the company, valued at $72,536,992. The trade was a 3.56% 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. Insiders have sold 528,386 shares of company stock worth $40,266,506 in the last quarter. Insiders own 10.85% of the company’s stock.

Hedge Funds Weigh In On Circle Internet Group

Several institutional investors have recently added to or reduced their stakes in CRCL. Integrated Wealth Concepts LLC increased its stake in shares of Circle Internet Group by 15.2% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 4,067 shares of the company’s stock valued at $255,000 after acquiring an additional 538 shares during the last quarter. IFP Advisors Inc raised its position in Circle Internet Group by 229.0% in the second quarter. IFP Advisors Inc now owns 3,204 shares of the company’s stock valued at $201,000 after purchasing an additional 2,230 shares during the period. Allworth Financial LP raised its holdings in shares of Circle Internet Group by 9.1% during the 2nd quarter. Allworth Financial LP now owns 1,267 shares of the company’s stock valued at $79,000 after buying an additional 106 shares during the period. Arizona State Retirement System purchased a new position in shares of Circle Internet Group in the second quarter valued at $2,667,000. Finally, Nykredit A S purchased a new position in Circle Internet Group in the 2nd quarter valued at about $1,773,000.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company focused on digital currency and blockchain infrastructure. The company is best known as the issuer of USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a consistent value and facilitate digital payments, trading, and transfers on blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

Circle provides products and services for businesses, financial institutions, developers, and digital-asset platforms.