Circle Internet Group (NYSE:CRCL) Shares Down 7% – Here’s Why

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price dropped 7% during mid-day trading on Tuesday . The stock traded as low as $242.00 and last traded at $245.00. Approximately 28,892,046 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 46,847,508 shares. The stock had previously closed at $263.45.

Analyst Ratings Changes

A number of research firms recently commented on CRCL. Seaport Res Ptn upgraded Circle Internet Group to a “strong-buy” rating in a research report on Friday. Wall Street Zen raised shares of Circle Internet Group to a “hold” rating in a research report on Saturday, June 14th. Finally, Compass Point started coverage on shares of Circle Internet Group in a research report on Tuesday. They set a “neutral” rating and a $205.00 target price on the stock.

Circle Internet Group Price Performance

The firm has a market capitalization of $50.89 billion and a P/E ratio of -18,072.55.

Insiders Place Their Bets

In other Circle Internet Group news, major shareholder Catalyst Group Vi L.P General sold 3,550,724 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $104,036,213.20. Following the transaction, the insider now directly owns 20,120,769 shares of the company’s stock, valued at $589,538,531.70. This trade represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rajeev V. Date sold 50,000 shares of the company’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $1,465,000.00. Following the completion of the sale, the director now directly owns 238,513 shares of the company’s stock, valued at $6,988,430.90. The trade was a 17.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,682,884 shares of company stock worth $195,808,501 over the last three months.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.