Circle Internet Group (NYSE:CRCL) Upgraded to Strong-Buy at TD Cowen

TD Cowen upgraded shares of Circle Internet Group (NYSE:CRCL) to a strong-buy rating in a report released on Monday morning, MarketBeat.com reports. They currently have $82.00 price objective on the stock.

Several other equities analysts have also issued reports on the company. Freedom Capital raised Circle Internet Group to a “hold” rating in a report on Tuesday, April 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Circle Internet Group in a research report on Friday, July 17th. Susquehanna started coverage on Circle Internet Group in a research report on Wednesday, July 1st. They issued a “neutral” rating and a $69.00 target price for the company. Mizuho set a $45.00 price target on Circle Internet Group and gave the stock a “neutral” rating in a research note on Friday. Finally, HC Wainwright raised Circle Internet Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $150.00 in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, fourteen have assigned a Hold rating and two have assigned 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 target price of $104.18.

Circle Internet Group Trading Down 3.4%

Shares of Circle Internet Group stock opened at $60.46 on Monday. The company has a fifty day simple moving average of $74.97 and a 200-day simple moving average of $86.47. The stock has a market cap of $15.03 billion, a price-to-earnings ratio of -18.89 and a beta of 0.22. Circle Internet Group has a 12-month low of $49.90 and a 12-month high of $189.92.

Circle Internet Group (NYSE:CRCL) last announced its quarterly 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). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The company had revenue of $694.13 million for the quarter. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts forecast that Circle Internet Group will post 0.79 earnings per share for the current fiscal year.

Insider Activity

In other Circle Internet Group news, insider Nikhil Chandhok sold 489,737 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the sale, the insider directly owned 521,809 shares of the company’s stock, valued at $37,763,317.33. This represents a 48.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, President Heath Tarbert sold 39,240 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total value of $3,196,882.80. Following the sale, the president directly owned 502,558 shares of the company’s stock, valued at $40,943,400.26. The trade was a 7.24% 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. Over the last 90 days, insiders have sold 1,897,229 shares of company stock valued at $149,839,667. Insiders own 10.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Circle Internet Group during the fourth quarter worth $25,000. Larson Financial Group LLC grew its position 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 valued at $26,000 after buying an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group in the 2nd quarter valued at $27,000. Bellevue Asset Management LLC acquired a new position in Circle Internet Group in the 4th quarter valued at $29,000. Finally, Harbour Investments Inc. raised 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 worth $30,000 after buying an additional 238 shares during the last quarter.

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.