Circle Internet Group (NYSE:CRCL) Trading Down 9.3% – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL) was down 9.3% on Monday . The stock traded as low as $74.73 and last traded at $75.7070. Approximately 14,870,801 shares traded hands during trading, a decline of 19% from the average daily volume of 18,463,523 shares. The stock had previously closed at $83.47.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Circle Internet Group in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday. JPMorgan Chase & Co. raised shares of Circle Internet Group from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $94.00 to $100.00 in a research report on Thursday, November 13th. William Blair restated an “outperform” rating on shares of Circle Internet Group in a report on Wednesday, November 12th. Finally, Oppenheimer assumed coverage on shares of Circle Internet Group in a research note on Friday, September 12th. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $144.69.

Circle Internet Group Trading Down 4.6%

The business has a fifty day moving average of $102.94.

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

Insider Buying and Selling at Circle Internet Group

In other news, CEO Jeremy Allaire sold 7,055 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $90.05, for a total value of $635,302.75. Following the completion of the sale, the chief executive officer directly owned 77,572 shares of the company’s stock, valued at approximately $6,985,358.60. This represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nikhil Chandhok sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $90.00, for a total transaction of $900,000.00. Following the transaction, the insider owned 474,974 shares in the company, valued at approximately $42,747,660. This trade represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 696,790 shares of company stock valued at $56,284,056.

Institutional Trading of Circle Internet Group

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. acquired a new position in Circle Internet Group in the 2nd quarter valued at about $65,261,000. ARK Investment Management LLC acquired a new stake in shares of Circle Internet Group during the second quarter worth $530,165,000. Telligent Fund LP acquired a new stake in shares of Circle Internet Group in the 2nd quarter worth $3,263,000. Huntleigh Advisors Inc. purchased a new stake in Circle Internet Group in the 2nd quarter valued at approximately $470,000. Finally, Covenant Asset Management LLC purchased a new stake in shares of Circle Internet Group in the second quarter valued at approximately $363,000.

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.