Circle Internet Group (NYSE:CRCL) Shares Up 6% – Should You Buy?

Circle Internet Group, Inc. (NYSE:CRCL) rose 6% during mid-day trading on Friday . The stock traded as high as $71.97 and last traded at $72.9270. 1,984,837 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 14,954,150 shares. The stock had previously closed at $68.81.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CRCL. KeyCorp initiated coverage on shares of Circle Internet Group in a report on Tuesday, May 26th. They set a “sector weight” rating on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $101.00 price objective on shares of Circle Internet Group in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their target price on shares of Circle Internet Group from $111.00 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Weiss Ratings reiterated a “sell (d)” rating on shares of Circle Internet Group in a research note on Monday, April 20th. Finally, Zacks Research raised Circle Internet Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Circle Internet Group currently has an average rating of “Hold” and a consensus target price of $134.18.

Circle Internet Group Price Performance

The business has a 50-day moving average of $99.16 and a 200 day moving average of $89.89. The company has a market capitalization of $18.26 billion and a PE ratio of -22.86.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings results on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The business had revenue of $694.13 million for the quarter. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, research analysts anticipate that Circle Internet Group, Inc. will post 1.02 EPS for the current year.

Insider Activity

In other Circle Internet Group news, insider Hossein Razzaghi sold 34,623 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $78.85, for a total value of $2,730,023.55. Following the sale, the insider owned 666,404 shares in the company, valued at $52,545,955.40. This trade represents a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Heath Tarbert sold 39,240 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total transaction of $3,196,882.80. Following the completion of the transaction, the president directly owned 502,558 shares in the company, valued at $40,943,400.26. This represents a 7.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,405,984 shares of company stock worth $118,860,837 in the last three months. Corporate insiders own 10.85% of the company’s stock.

Institutional Trading of Circle Internet Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRCL. Creative Planning purchased a new stake in shares of Circle Internet Group during the 2nd quarter valued at $295,000. Arrowstreet Capital Limited Partnership acquired a new stake in Circle Internet Group in the second quarter worth about $1,474,000. Invesco Ltd. acquired a new position in shares of Circle Internet Group during the second quarter valued at about $47,640,000. EverSource Wealth Advisors LLC purchased a new position in shares of Circle Internet Group in the 2nd quarter valued at approximately $27,000. Finally, Baird Financial Group Inc. acquired a new stake in Circle Internet Group in the 2nd quarter worth approximately $2,649,000.

About Circle Internet Group

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.