Circle Internet Group (NYSE:CRCL) Shares Gap Down Following Insider Selling

Circle Internet Group, Inc. (NYSE:CRCL) shares gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $87.72, but opened at $84.73. Circle Internet Group shares last traded at $87.7290, with a volume of 4,824,143 shares changing hands.

Specifically, CFO Jeremy Fox-Geen sold 45,000 shares of the company’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 transaction, the chief financial officer directly owned 323,837 shares of the company’s stock, valued at approximately $29,145,330. This represents a 12.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director M Michele Burns sold 3,332 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $85.13, for a total transaction of $283,653.16. Following the completion of the transaction, the director directly owned 327,226 shares in the company, valued at $27,856,749.38. This trade represents a 1.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

CRCL has been the topic of a number of research reports. Weiss Ratings upgraded Circle Internet Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. Needham & Company LLC decreased their price objective on Circle Internet Group from $150.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Wolfe Research reiterated an “underperform” rating and issued a $65.00 target price on shares of Circle Internet Group in a research note on Tuesday. Robert W. Baird reduced 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. Finally, Mizuho set a $45.00 target price on Circle Internet Group and gave the company a “neutral” rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Circle Internet Group presently has a consensus rating of “Hold” and a consensus price target of $99.35.

Circle Internet Group Price Performance

The firm has a market capitalization of $22.30 billion, a PE ratio of 60.16 and a beta of 0.23. The company has a 50-day moving average price of $69.30 and a 200-day moving average price of $86.70.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 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 return on equity of 13.58% and a net margin of 15.53%.Circle Internet Group’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted ($4.48) EPS. On average, research analysts predict that Circle Internet Group, Inc. will post 1.04 earnings per share for the current fiscal year.

Institutional Trading of Circle Internet Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRCL. EverSource Wealth Advisors LLC purchased a new stake in shares of Circle Internet Group during the 2nd quarter valued at $27,000. Larson Financial Group LLC lifted 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 purchasing an additional 190 shares in the last quarter. National Bank of Canada FI purchased a new position in Circle Internet Group in the 3rd quarter valued at about $37,000. Pin Oak Investment Advisors Inc. acquired a new stake in Circle Internet Group during the 3rd quarter valued at approximately $39,000. Finally, WPG Advisers LLC acquired a new stake in shares of Circle Internet Group during the first quarter worth approximately $31,000.

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.