Circle Internet Group (NYSE:CRCL) Trading Up 9.7% on Analyst Upgrade

Circle Internet Group, Inc. (NYSE:CRCL) shot up 9.7% during mid-day trading on Wednesday after Freedom Capital upgraded the stock to a hold rating. The company traded as high as $104.39 and last traded at $105.3340. 2,997,011 shares were traded during trading, a decline of 80% from the average session volume of 15,080,079 shares. The stock had previously closed at $96.02.

A number of other equities analysts have also recently weighed in on the stock. Compass Point reissued a “sell” rating and set a $77.00 price target (down from $79.00) on shares of Circle Internet Group in a research report on Thursday, April 9th. Mizuho upped their price objective on shares of Circle Internet Group from $100.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Circle Internet Group in a research note on Monday. JPMorgan Chase & Co. decreased their target price on Circle Internet Group from $100.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, February 10th. Finally, The Goldman Sachs Group increased their price target on Circle Internet Group from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $127.24.

Insider Activity at Circle Internet Group

In related news, Director M Michele Burns sold 1,666 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $92.38, for a total transaction of $153,905.08. Following the sale, the director directly owned 341,872 shares in the company, valued at $31,582,135.36. This trade represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajeev V. Date sold 1,273 shares of the business’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $95.00, for a total transaction of $120,935.00. Following the completion of the sale, the director directly owned 152,328 shares in the company, valued at $14,471,160. This represents a 0.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 545,874 shares of company stock valued at $52,991,625 over the last three months. Insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bartlett & CO. Wealth Management LLC bought a new stake in Circle Internet Group in the 4th quarter valued at approximately $25,000. Larson Financial Group LLC grew its stake in shares of Circle Internet Group by 3,800.0% during the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after acquiring an additional 190 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Circle Internet Group in the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group in the second quarter worth $27,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Circle Internet Group in the fourth quarter worth $29,000.

Circle Internet Group Stock Up 9.3%

The company’s fifty day moving average is $94.86 and its 200 day moving average is $92.82. The firm has a market cap of $25.91 billion and a price-to-earnings ratio of -56.38.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. The business had revenue of $770.23 million for the quarter. Circle Internet Group’s quarterly revenue was up 76.9% compared to the same quarter last year. On average, equities research analysts forecast that Circle Internet Group, Inc. will post 0.84 EPS for the current fiscal year.

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 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.