Circle Internet Group (NYSE:CRCL) Shares Gap Down – Here’s Why

Circle Internet Group, Inc. (NYSE:CRCL) gapped down before the market opened on Wednesday . The stock had previously closed at $98.30, but opened at $93.85. Circle Internet Group shares last traded at $89.9970, with a volume of 13,274,733 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CRCL shares. Monness Crespi & Hardt initiated coverage on Circle Internet Group in a report on Monday. They set a “buy” rating and a $150.00 price target for the company. JMP Securities initiated coverage on shares of Circle Internet Group in a report on Tuesday, September 30th. They issued a “market perform” rating for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Circle Internet Group in a research note on Wednesday, October 8th. Rothschild & Co Redburn assumed coverage on shares of Circle Internet Group in a research note on Friday, October 3rd. They issued a “neutral” rating and a $136.00 price target for the company. Finally, Oppenheimer initiated coverage on shares of Circle Internet Group in a report on Friday, September 12th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Circle Internet Group has an average rating of “Hold” and a consensus target price of $164.47.

Circle Internet Group Trading Down 11.3%

The firm’s 50-day simple moving average is $128.81.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.44. The firm had revenue of $739.76 million for the quarter. Circle Internet Group’s revenue was up 65.9% on a year-over-year basis.

Insider Activity at Circle Internet Group

In other news, Director Patrick Sean Neville sold 260,374 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $127.08, for a total transaction of $33,088,327.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jeremy Fox-Geen sold 33,608 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total value of $4,081,691.60. Following the completion of the transaction, the chief financial officer owned 297,823 shares of the company’s stock, valued at approximately $36,170,603.35. The trade was a 10.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 831,014 shares of company stock worth $105,416,046 over the last quarter.

Institutional Investors Weigh In On Circle Internet Group

Institutional investors have recently modified their holdings of the company. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Circle Internet Group in the 3rd quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group in the second quarter worth $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Circle Internet Group in the 3rd quarter worth approximately $32,000. North Star Investment Management Corp. purchased a new stake in shares of Circle Internet Group in the second quarter valued at about $34,000. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Circle Internet Group during the third quarter valued at $35,000.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.