Circle Internet Group (NYSE:CRCL) Stock Rating Upgraded by Wall Street Zen

Circle Internet Group (NYSE:CRCL) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently issued reports on the stock. TD Cowen upped their price objective on shares of Circle Internet Group from $87.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, September 17th. Susquehanna restated a “neutral” rating on shares of Circle Internet Group in a research note on Tuesday, September 29th. Robert W. Baird lowered their price objective on shares of Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a research report on Monday, July 13th. Zacks Research upgraded Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 16th. Finally, Canaccord Genuity Group dropped their price target on shares of Circle Internet Group from $160.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Circle Internet Group presently has a consensus rating of “Hold” and an average target price of $98.12.

Circle Internet Group Price Performance

CRCL opened at $72.35 on Friday. The stock’s 50 day simple moving average is $87.28 and its 200 day simple moving average is $85.81. Circle Internet Group has a 1-year low of $49.90 and a 1-year high of $140.00. The stock has a market cap of $18.37 billion, a P/E ratio of 49.55 and a beta of 0.84.

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 analysts’ consensus estimates of $0.26 by ($0.08). The firm had revenue of $701.32 million for the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned ($4.48) earnings per share. Research analysts expect that Circle Internet Group will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group 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 completion of the sale, the chief financial officer directly owned 323,837 shares of the company’s stock, valued at approximately $29,145,330. The trade was a 12.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,668 shares of the company’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $79.59, for a total transaction of $2,122,506.12. Following the completion of the sale, the insider directly owned 715,331 shares of the company’s stock, valued at $56,933,194.29. The trade was a 3.59% 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 450,657 shares of company stock worth $37,579,806 over the last quarter. Corporate insiders own 10.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Circle Internet Group by 24.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,970,939 shares of the company’s stock worth $326,292,000 after acquiring an additional 785,213 shares in the last quarter. Southpoint Capital Advisors LP grew its position in Circle Internet Group by 175.0% during the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after acquiring an additional 2,100,000 shares during the last quarter. Amova Asset Management Americas Inc. increased its holdings 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 purchasing an additional 344,539 shares during the period. SBI Holdings USA Inc. bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $101,084,820. Finally, Accel XI Associates L.L.C. purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $56,999,563.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.