Circle Internet Group (NYSE:CRCL) Rating Increased to Hold at Mizuho

Circle Internet Group (NYSE:CRCL) was upgraded by equities research analysts at Mizuho from a “strong sell” rating to a “hold” rating in a report released on Friday,Zacks.com reports.

A number of other research analysts also recently weighed in on the company. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a research note on Thursday, June 11th. Compass Point set a $62.00 price target on Circle Internet Group in a report on Wednesday, July 15th. Susquehanna started coverage on shares of Circle Internet Group in a research report on Wednesday, July 1st. They issued a “neutral” rating and a $69.00 price target on the stock. KeyCorp started coverage on shares of Circle Internet Group in a research note on Tuesday, May 26th. They issued a “sector weight” rating for the company. Finally, Raymond James Financial assumed coverage on shares of Circle Internet Group in a report on Tuesday, July 21st. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $109.81.

Circle Internet Group Price Performance

NYSE CRCL opened at $62.55 on Friday. Circle Internet Group has a fifty-two week low of $49.90 and a fifty-two week high of $189.92. The stock’s 50-day moving average is $76.03 and its two-hundred day moving average is $86.60. The firm has a market cap of $15.55 billion and a P/E ratio of -19.55.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The company had revenue of $694.13 million during the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The firm’s revenue was up 20.0% on a year-over-year basis. On average, equities analysts expect that Circle Internet Group will post 0.86 EPS for the current year.

Insider Activity

In related news, insider Hossein Razzaghi sold 1,831 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $64.40, for a total transaction of $117,916.40. Following the completion of the sale, the insider owned 662,856 shares in the company, valued at $42,687,926.40. This represents a 0.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Nikhil Chandhok sold 26,666 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $63.90, for a total value of $1,703,957.40. Following the completion of the sale, the insider directly owned 725,068 shares in the company, valued at $46,331,845.20. This trade represents a 3.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,914,327 shares of company stock worth $151,802,213 over the last 90 days. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning bought a new stake in shares of Circle Internet Group in the 2nd quarter worth approximately $295,000. Arrowstreet Capital Limited Partnership bought a new position in Circle Internet Group in the second quarter worth $1,474,000. Invesco Ltd. bought a new position in Circle Internet Group in the second quarter worth $47,640,000. EverSource Wealth Advisors LLC acquired a new stake in Circle Internet Group during the second quarter worth $27,000. Finally, Baird Financial Group Inc. acquired a new stake in Circle Internet Group during the second quarter worth $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.