Circle Internet Group (NYSE:CRCL) Stock Gets Downgrade from Wall Street Zen

Circle Internet Group (NYSE:CRCL) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Sunday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on CRCL. Deutsche Bank Aktiengesellschaft raised shares of Circle Internet Group from a “hold” rating to a “buy” rating in a research report on Thursday. Wells Fargo & Company dropped their price target on Circle Internet Group from $115.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, November 5th. HC Wainwright cut their price target on Circle Internet Group from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. Barclays lowered Circle Internet Group to a “positive” rating in a report on Thursday. Finally, Mizuho set a $46.00 price objective on Circle Internet Group in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.44.

Circle Internet Group Stock Performance

NYSE CRCL opened at $67.62 on Friday. The business has a 50 day simple moving average of $85.06 and a 200 day simple moving average of $85.61. Circle Internet Group has a 52-week low of $49.90 and a 52-week high of $140.00. The stock has a market cap of $17.17 billion, a price-to-earnings ratio of 45.85 and a beta of 0.84.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.42. Circle Internet Group had a net margin of 15.27% and a return on equity of 13.52%. The firm had revenue of $864.89 million for the quarter. During the same period in the previous year, the firm posted $0.64 EPS. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. On average, analysts predict that Circle Internet Group will post 1.20 EPS for the current year.

Insider Activity

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 45,000 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $90.00, for a total value of $4,050,000.00. Following the completion of the sale, the chief financial officer owned 323,837 shares in the company, valued at $29,145,330. This trade represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Allaire sold 56,205 shares of Circle Internet Group stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $68.48, for a total transaction of $3,848,918.40. Following the completion of the transaction, the chief executive officer directly owned 221,355 shares of the company’s stock, valued at approximately $15,158,390.40. This trade represents a 20.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 405,204 shares of company stock valued at $35,099,511 in the last ninety days. Corporate insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Institutional investors and hedge funds have recently modified their holdings of the company. Western Wealth Management LLC bought a new stake in Circle Internet Group in the 3rd quarter valued at about $350,000. Intech Investment Management LLC increased its holdings in shares of Circle Internet Group by 75.9% during the third quarter. Intech Investment Management LLC now owns 59,170 shares of the company’s stock worth $4,862,000 after purchasing an additional 25,523 shares during the period. Morse Asset Management Inc bought a new position in shares of Circle Internet Group during the third quarter worth approximately $248,000. Danske Bank A S raised its position in shares of Circle Internet Group by 14.0% in the third quarter. Danske Bank A S now owns 81,400 shares of the company’s stock valued at $6,689,000 after buying an additional 10,000 shares in the last quarter. Finally, Moors & Cabot Inc. raised its position in shares of Circle Internet Group by 6.6% in the third quarter. Moors & Cabot Inc. now owns 6,286 shares of the company’s stock valued at $517,000 after buying an additional 388 shares in the last quarter.

Circle Internet Group Company Profile

Circle Internet Group develops digital financial infrastructure centered on stablecoins and blockchain-based payments. Its principal products include USDC, a U.S. dollar-pegged stablecoin, and EURC, a euro-pegged stablecoin. The company also provides services and software that help businesses use digital currencies for payments and financial applications.

Circle Mint is a platform for eligible institutions to mint and redeem USDC and EURC. Circle also offers developer tools and infrastructure, including its Cross-Chain Transfer Protocol, which supports the movement of USDC across compatible blockchains.