IDG China Capital Fund III Associates L.P. Sells 649,801 Shares of Circle Internet Group, Inc. $CRCL

IDG China Capital Fund III Associates L.P. lowered its stake in shares of Circle Internet Group, Inc. (NYSE:CRCL) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,026,687 shares of the company’s stock after selling 649,801 shares during the period. Circle Internet Group makes up 92.8% of IDG China Capital Fund III Associates L.P.’s investment portfolio, making the stock its biggest holding. IDG China Capital Fund III Associates L.P. owned about 4.81% of Circle Internet Group worth $1,461,918,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Truist Financial Corp acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $218,000. Vontobel Holding Ltd. acquired a new stake in Circle Internet Group in the second quarter valued at approximately $289,000. Concurrent Investment Advisors LLC bought a new stake in shares of Circle Internet Group during the second quarter valued at approximately $238,000. CWM LLC bought a new position in shares of Circle Internet Group in the 2nd quarter worth $115,000. Finally, Endowment Wealth Management Inc. acquired a new stake in Circle Internet Group in the 2nd quarter valued at $18,129,000.

Circle Internet Group Stock Down 8.7%

CRCL opened at $50.26 on Friday. The firm has a 50-day moving average price of $78.04 and a 200-day moving average price of $113.13. Circle Internet Group, Inc. has a twelve month low of $49.90 and a twelve month high of $298.99. The company has a market capitalization of $11.83 billion and a price-to-earnings ratio of -21.95.

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

Insider Activity at Circle Internet Group

In related news, President Heath Tarbert sold 3,048 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $90.02, for a total transaction of $274,380.96. Following the sale, the president owned 579,302 shares of the company’s stock, valued at approximately $52,148,766.04. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jeremy Allaire sold 7,055 shares of Circle Internet Group stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $90.07, for a total value of $635,443.85. Following the transaction, the chief executive officer directly owned 70,517 shares of the company’s stock, valued at $6,351,466.19. The trade was a 9.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 723,616 shares of company stock worth $58,631,542 in the last 90 days.

Analysts Set New Price Targets

Several research firms have weighed in on CRCL. Wolfe Research began coverage on shares of Circle Internet Group in a report on Tuesday, December 2nd. They set an “underperform” rating and a $60.00 price objective on the stock. William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, November 12th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating for the company in a research note on Thursday, November 13th. JPMorgan Chase & Co. upgraded Circle Internet Group from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $94.00 to $100.00 in a research note on Thursday, November 13th. Finally, Monness Crespi & Hardt assumed coverage on Circle Internet Group in a research report on Monday, November 10th. They set a “buy” rating and a $150.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $132.56.

Circle Internet Group Company Profile

Circle Internet Group (NYSE: CRCL) is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USD Coin (USDC), a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.