Circle Internet Group, Inc. (NYSE:CRCL) Stock Has Consensus Price Target of $97.82 According to Analysts

Shares of Circle Internet Group, Inc. (NYSE:CRCL) have been assigned an average recommendation of “Hold” from the twenty-four brokerages that are currently covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, ten have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $97.82.

A number of research analysts have recently weighed in on CRCL shares. Robert W. Baird dropped their price objective on shares of Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a research note on Monday, July 13th. Morgan Stanley cut their price objective on Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating for the company in a research report on Thursday, August 6th. Compass Point set a $62.00 target price on Circle Internet Group in a research note on Wednesday, July 15th. The Goldman Sachs Group reiterated an “underperform” rating on shares of Circle Internet Group in a report on Wednesday, September 9th. Finally, TD Cowen increased their target price on Circle Internet Group from $87.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, September 17th.

Circle Internet Group Trading Up 5.4%

NYSE:CRCL opened at $85.80 on Friday. The company has a market capitalization of $21.78 billion, a P/E ratio of 55.73 and a beta of 0.73. The firm has a 50-day moving average price of $86.72 and a two-hundred day moving average price of $86.45. Circle Internet Group has a twelve month low of $49.90 and a twelve month high of $147.44.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.08). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The business had revenue of $701.32 million during the quarter. During the same quarter in the previous year, the business earned ($4.48) earnings per share. Circle Internet Group’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts predict that Circle Internet Group will post 1.10 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jeremy Allaire sold 56,200 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $62.03, for a total transaction of $3,486,086.00. Following the sale, the chief executive officer owned 398,179 shares of the company’s stock, valued at $24,699,043.37. This trade represents a 12.37% decrease in their ownership of the stock. 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. Also, insider Nikhil Chandhok sold 26,668 shares of the stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $79.59, for a total value of $2,122,506.12. Following the sale, the insider directly owned 715,331 shares in the company, valued at approximately $56,933,194.29. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 485,657 shares of company stock valued at $39,207,306. Company insiders own 10.85% of the company’s stock.

Institutional Trading of Circle Internet Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Southpoint Capital Advisors LP raised its position in shares of Circle Internet Group by 175.0% in the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after buying an additional 2,100,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Circle Internet Group by 13.3% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,917,764 shares of the company’s stock valued at $278,384,000 after buying an additional 342,080 shares during the period. Amova Asset Management Americas Inc. boosted its position in Circle Internet Group by 13.4% during the first quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock worth $278,173,000 after acquiring an additional 344,539 shares during the last quarter. SBI Holdings USA Inc. acquired a new stake in Circle Internet Group during the second quarter worth approximately $101,084,820. Finally, Accel XI Associates L.L.C. acquired a new stake in Circle Internet Group during the second quarter worth approximately $56,999,563.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.