Circle Internet Group (NYSE:CRCL) Trading Down 4.8% – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price dropped 4.8% during trading on Thursday . The stock traded as low as $192.35 and last traded at $192.72. Approximately 3,891,623 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 34,790,520 shares. The stock had previously closed at $202.41.

Wall Street Analysts Forecast Growth

CRCL has been the subject of several research analyst reports. Mizuho initiated coverage on shares of Circle Internet Group in a research report on Tuesday, July 8th. They issued an “underperform” rating and a $85.00 price target for the company. Seaport Res Ptn upgraded shares of Circle Internet Group to a “strong-buy” rating in a research report on Friday, June 20th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They issued a “hold” rating and a $155.00 price target for the company. Oppenheimer initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They issued a “market perform” rating for the company. Finally, The Goldman Sachs Group initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They issued a “neutral” rating and a $83.00 price target for the company. Four equities research 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 MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $175.27.

Circle Internet Group Trading Down 0.2%

The stock has a market capitalization of $42.88 billion and a PE ratio of -15,228.39.

Insider Buying and Selling

In other news, Director Patrick Sean Neville sold 1,000,000 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $29,300,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jeremy Fox-Geen sold 200,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $5,860,000.00. Following the transaction, the chief financial officer owned 320,371 shares in the company, valued at approximately $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 quarter, insiders have sold 6,682,884 shares of company stock worth $195,808,501.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth $673,000. PFG Investments LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth $579,000. EWA LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth $279,000. Covenant Asset Management LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth $363,000. Finally, KG&L Capital Management LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth $528,000.

Circle Internet Group Company Profile

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.