Circle Internet Group, Inc. (NYSE:CRCL) Receives Consensus Rating of “Hold” from Brokerages

Shares of Circle Internet Group, Inc. (NYSE:CRCL) have been given a consensus recommendation of “Hold” by the twenty-five ratings firms that are presently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $99.94.

Several brokerages have weighed in on CRCL. Canaccord Genuity Group lowered their price objective on Circle Internet Group from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Keefe, Bruyette & Woods initiated coverage on shares of Circle Internet Group in a report on Tuesday, September 8th. They issued a “market perform” rating and a $105.00 target price on the stock. Needham & Company LLC decreased their target price on shares of Circle Internet Group from $150.00 to $127.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Morgan Stanley lowered their price target on shares of Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating for the company in a report on Thursday, August 6th. Finally, Seaport Research Partners set a $100.00 price target on shares of Circle Internet Group in a research report on Monday, August 17th.

Insider Activity

In related news, CFO Jeremy Fox-Geen sold 45,000 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the transaction, the chief financial officer owned 323,837 shares in the company, valued at $29,145,330. The trade was a 12.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Danita K. Ostling sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $61.65, for a total value of $1,233,000.00. Following the transaction, the director directly owned 4,608 shares of the company’s stock, valued at $284,083.20. The trade was a 81.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 478,386 shares of company stock valued at $37,134,006. 10.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Circle Internet Group

Hedge funds have recently made changes to their positions in the business. IDG Accel China Capital II Associates L.P. purchased a new stake in Circle Internet Group in the fourth quarter worth $554,792,000. Southpoint Capital Advisors LP increased its position in Circle Internet Group by 175.0% during the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after purchasing an additional 2,100,000 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Circle Internet Group by 13.3% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,917,764 shares of the company’s stock valued at $278,384,000 after buying an additional 342,080 shares during the period. Amova Asset Management Americas Inc. boosted its position in Circle Internet Group by 13.4% during the 1st quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock valued at $278,173,000 after acquiring an additional 344,539 shares in the last quarter. Finally, SBI Holdings USA Inc. purchased a new position in shares of Circle Internet Group during the 4th quarter worth approximately $127,990,000.

Circle Internet Group Trading Down 2.4%

CRCL opened at $83.72 on Wednesday. The company has a market cap of $21.26 billion, a P/E ratio of 57.34 and a beta of 0.59. The business’s 50-day moving average price is $81.12 and its 200-day moving average price is $89.47. Circle Internet Group has a 12 month low of $49.90 and a 12 month high of $159.47.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The company had revenue of $701.32 million during the quarter. During the same period in the previous year, the business posted ($4.48) earnings per share. The company’s revenue was up 6.6% compared to the same quarter last year. Equities research analysts forecast that Circle Internet Group will post 1.08 earnings per share for the current fiscal year.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company that develops infrastructure for digital currencies and blockchain-based payments. Its primary product is USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a stable value and support digital transactions, payments and transfers across blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

The company provides institutional and developer-focused services through Circle Mint, which enables eligible businesses to create, redeem and manage USDC and access related payment and treasury tools.