Circle Internet Group (NYSE:CRCL) Trading 9.9% Higher – Here’s Why

Circle Internet Group, Inc. (NYSE:CRCL)’s share price shot up 9.9% during mid-day trading on Friday . The stock traded as high as $79.99 and last traded at $79.8110. 8,061,885 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 18,717,861 shares. The stock had previously closed at $72.64.

Wall Street Analyst Weigh In

CRCL has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their target price on Circle Internet Group from $92.00 to $80.00 and set a “neutral” rating for the company in a report on Friday, November 21st. Robert W. Baird reduced their price target on Circle Internet Group from $144.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, November 13th. Citigroup began coverage on shares of Circle Internet Group in a report on Tuesday, September 30th. They issued a “market perform” rating for the company. Monness Crespi & Hardt assumed coverage on shares of Circle Internet Group in a research report on Monday, November 10th. They set a “buy” rating and a $150.00 price objective on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $247.00 target price on shares of Circle Internet Group in a research report on Thursday, September 11th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Circle Internet Group presently has a consensus rating of “Hold” and an average target price of $150.33.

Circle Internet Group Stock Performance

The company’s 50 day simple moving average is $116.93.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.20 by $0.44. The business had revenue of $739.76 million during the quarter. Circle Internet Group’s revenue for the quarter was up 65.9% on a year-over-year basis.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, Director Patrick Sean Neville sold 33,569 shares of Circle Internet Group stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $85.05, for a total transaction of $2,855,043.45. Following the completion of the sale, the director directly owned 33,568 shares in the company, valued at approximately $2,854,958.40. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Rajeev V. Date sold 127,247 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $72.29, for a total transaction of $9,198,685.63. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 551,455 shares of company stock worth $45,564,337 over the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. General Catalyst Group Management LLC acquired a new stake in shares of Circle Internet Group in the second quarter valued at about $3,647,694,000. Marshall Wace LLP purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $1,547,214,000. ARK Investment Management LLC acquired a new position in shares of Circle Internet Group during the second quarter worth about $530,165,000. Vanguard Group Inc. increased its stake in shares of Circle Internet Group by 61.6% during the third quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock worth $739,624,000 after buying an additional 2,126,072 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Circle Internet Group by 282.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,299,374 shares of the company’s stock valued at $172,271,000 after acquiring an additional 959,309 shares in the last quarter.

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.