Circle Internet Group, Inc.’s (NYSE:CRCL) Quiet Period Will Expire on July 15th

Circle Internet Group’s (NYSE:CRCL) quiet period will end on Tuesday, July 15th. Circle Internet Group had issued 34,000,000 shares in its initial public offering on June 5th. The total size of the offering was $1,054,000,000 based on an initial share price of $31.00. During Circle Internet Group’s quiet period, underwriters and any insiders involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Sanford C. Bernstein started coverage on Circle Internet Group in a research note on Monday, June 30th. They set an “outperform” rating and a $230.00 price target for the company. Seaport Res Ptn upgraded Circle Internet Group to a “strong-buy” rating in a research note on Friday, June 20th. Oppenheimer started coverage on Circle Internet Group in a research note on Monday, June 30th. They set a “market perform” rating for the company. Canaccord Genuity Group started coverage on Circle Internet Group in a research note on Monday, June 30th. They set a “buy” rating and a $247.00 price objective for the company. Finally, Wall Street Zen downgraded Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Friday, June 27th. Three analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $182.09.

Circle Internet Group Stock Performance

NYSE:CRCL opened at $186.75 on Friday. The firm has a market cap of $41.56 billion and a P/E ratio of -14,758.18. Circle Internet Group has a fifty-two week low of $64.00 and a fifty-two week high of $298.99.

Insider Buying and Selling at Circle Internet Group

In other news, Director Rajeev V. Date sold 50,000 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $1,465,000.00. Following the sale, the director owned 238,513 shares in the company, valued at $6,988,430.90. This trade represents a 17.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeremy Fox-Geen sold 200,000 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $5,860,000.00. Following the sale, the chief financial officer owned 320,371 shares in the company, valued at $9,386,870.30. This trade represents a 38.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,682,884 shares of company stock valued at $195,808,501.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds have recently made changes to their positions in the business. Westbourne Investments Inc. acquired a new stake in shares of Circle Internet Group during the second quarter worth $204,000. Brand Asset Management Group Inc. purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $272,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $673,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $1,083,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $18,397,000.

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.