Circle Internet Group (NYSE:CRCL) Upgraded to “Strong-Buy” at TD Cowen

Circle Internet Group (NYSE:CRCL) was upgraded by research analysts at TD Cowen to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on CRCL. The Goldman Sachs Group decreased their price objective on shares of Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Freedom Capital upgraded Circle Internet Group to a “hold” rating in a research note on Tuesday, April 21st. Needham & Company LLC increased their price target on Circle Internet Group from $130.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Weiss Ratings reissued a “sell (d)” rating on shares of Circle Internet Group in a report on Friday, July 17th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $140.00 price objective on shares of Circle Internet Group in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.18.

Circle Internet Group Trading Down 3.4%

NYSE CRCL opened at $60.46 on Monday. The stock has a market cap of $15.03 billion, a P/E ratio of -18.89 and a beta of 0.22. The company’s fifty day simple moving average is $74.97 and its 200-day simple moving average is $86.47. Circle Internet Group has a 52 week low of $49.90 and a 52 week high of $189.92.

Circle Internet Group (NYSE:CRCL) last released 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). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm had revenue of $694.13 million for the quarter. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, research analysts expect that Circle Internet Group will post 0.79 EPS for the current fiscal year.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, insider Nikhil Chandhok sold 489,737 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the transaction, the insider directly owned 521,809 shares of the company’s stock, valued at $37,763,317.33. This trade represents a 48.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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, Director Patrick Sean Neville sold 1,034,396 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.87, for a total transaction 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. The trade was a 99.81% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 1,897,229 shares of company stock worth $149,839,667 over the last 90 days. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors have recently modified their holdings of CRCL. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Circle Internet Group during the 4th quarter worth approximately $25,000. Larson Financial Group LLC grew its position in shares of Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after acquiring an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Circle Internet Group during the second quarter worth about $27,000. Bellevue Asset Management LLC acquired a new stake in shares of Circle Internet Group in the 4th quarter worth about $29,000. Finally, Harbour Investments Inc. increased its holdings in shares of Circle Internet Group by 170.0% in the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock worth $30,000 after acquiring an additional 238 shares during the period.

Circle Internet Group Company Profile

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.