Circle Internet Group (NYSE:CRCL) Shares Gap Up – Should You Buy?

Shares of Circle Internet Group, Inc. (NYSE:CRCL) gapped up before the market opened on Monday . The stock had previously closed at $99.70, but opened at $107.13. Circle Internet Group shares last traded at $110.8930, with a volume of 5,213,781 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wells Fargo & Company decreased their target price on Circle Internet Group from $128.00 to $111.00 and set an “overweight” rating for the company in a research report on Thursday, February 26th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $160.00 price target on shares of Circle Internet Group in a research note on Wednesday, March 25th. Zacks Research raised shares of Circle Internet Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 17th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Circle Internet Group in a research note on Monday, April 20th. Finally, The Goldman Sachs Group increased their price objective on Circle Internet Group from $79.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $127.24.

Circle Internet Group Trading Up 19.1%

The firm has a market cap of $29.32 billion and a PE ratio of -63.40. The business’s 50-day simple moving average is $100.04 and its 200 day simple moving average is $90.55.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.18. The business had revenue of $770.23 million for the quarter. The business’s quarterly revenue was up 76.9% compared to the same quarter last year. Analysts expect that Circle Internet Group, Inc. will post 0.84 earnings per share for the current year.

Insider Transactions at Circle Internet Group

In related news, Director M Michele Burns sold 80,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $94.88, for a total transaction of $7,590,400.00. Following the completion of the sale, the director directly owned 305,230 shares in the company, valued at $28,960,222.40. This represents a 20.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Heath Tarbert sold 122,007 shares of Circle Internet Group stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $94.23, for a total value of $11,496,719.61. Following the completion of the transaction, the president owned 599,156 shares in the company, valued at $56,458,469.88. This trade represents a 16.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 555,874 shares of company stock worth $54,031,625. Company insiders own 10.85% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CRCL. EverSource Wealth Advisors LLC acquired a new stake in Circle Internet Group in the second quarter valued at approximately $27,000. PNC Financial Services Group Inc. lifted its holdings in shares of 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 valued at $154,000 after purchasing an additional 151 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of 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 in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new position in Circle Internet Group during the 3rd quarter worth $27,000. Finally, Harbour Investments Inc. increased its position in Circle Internet Group by 170.0% during the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after buying an additional 238 shares in the last quarter.

Circle Internet Group Company Profile

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.