Circle Internet Group (NYSE:CRCL) Trading Up 6.9% – What’s Next?

Circle Internet Group, Inc. (NYSE:CRCL) was up 6.9% during trading on Tuesday . The company traded as high as $70.24 and last traded at $71.7060. 1,968,545 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 14,728,065 shares. The stock had previously closed at $67.05.

Analyst Ratings Changes

Several analysts recently issued reports on CRCL shares. Compass Point set a $62.00 price objective on shares of Circle Internet Group in a research note on Wednesday, July 15th. The Goldman Sachs Group set a $71.00 target price on Circle Internet Group in a report on Thursday. Mizuho set a $45.00 price target on Circle Internet Group and gave the company a “neutral” rating in a report on Friday, July 31st. Morgan Stanley lowered their price objective on Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating on the stock in a research note on Thursday. Finally, Wall Street Zen cut shares of Circle Internet Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.82.

Circle Internet Group Stock Up 6.4%

The firm has a 50-day moving average price of $70.80 and a 200 day moving average price of $86.00. The firm has a market capitalization of $17.73 billion, a PE ratio of 48.83 and a beta of 0.22.

Circle Internet Group (NYSE:CRCL) last posted its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.08). The firm had revenue of $701.32 million for the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($4.48) earnings per share. Equities research analysts expect that Circle Internet Group, Inc. will post 0.88 earnings per share for the current year.

Insider Buying and Selling at Circle Internet Group

In related news, Director Patrick Sean Neville sold 1,034,396 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.87, for a total value of $85,720,396.52. Following the completion of the sale, the director directly owned 2,018 shares of the company’s stock, valued at $167,231.66. This represents a 99.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 Hossein Razzaghi sold 34,623 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $78.85, for a total transaction of $2,730,023.55. Following the sale, the insider owned 666,404 shares of the company’s stock, valued at $52,545,955.40. This trade represents a 4.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 2,027,497 shares of company stock valued at $157,496,368. 10.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Circle Internet Group

Large investors have recently modified their holdings of the business. Creative Planning acquired a new stake in Circle Internet Group in the second quarter valued at $295,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Circle Internet Group in the 2nd quarter valued at about $1,474,000. Invesco Ltd. purchased a new stake in Circle Internet Group during the second quarter worth about $47,640,000. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group during the second quarter worth about $27,000. Finally, Baird Financial Group Inc. acquired a new position in Circle Internet Group during the second quarter worth about $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.