Circle Internet Group (NYSE:CRCL) Stock Gets Downgrade from Wall Street Zen

Circle Internet Group (NYSE:CRCL) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued on Sunday, Wall Street Zen reports.

Several other research analysts have also recently issued reports on CRCL. The Goldman Sachs Group reissued an “underperform” rating on shares of Circle Internet Group in a research report on Wednesday, September 9th. Weiss Ratings lowered shares of Circle Internet Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday. Keefe, Bruyette & Woods began coverage on shares of Circle Internet Group in a research report on Tuesday, September 8th. They set a “market perform” rating and a $105.00 price target for the company. TD Cowen increased 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 note on Thursday, September 17th. Finally, Mizuho set a $45.00 price objective on shares of Circle Internet Group and gave the stock a “neutral” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Circle Internet Group currently has a consensus rating of “Hold” and a consensus price target of $97.82.

Circle Internet Group Price Performance

NYSE CRCL opened at $83.77 on Friday. The stock has a market capitalization of $21.27 billion, a price-to-earnings ratio of 57.37 and a beta of 0.73. Circle Internet Group has a 1-year low of $49.90 and a 1-year high of $147.44. The business’s fifty day moving average price is $84.63 and its 200-day moving average price is $86.95.

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

Insider Buying and Selling at Circle Internet Group

In related news, CFO Jeremy Fox-Geen sold 4,238 shares of the stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $85.78, for a total transaction of $363,535.64. Following the completion of the sale, the chief financial officer owned 302,930 shares in the company, valued at approximately $25,985,335.40. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, CEO Jeremy Allaire sold 56,200 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $83.59, for a total value of $4,697,758.00. Following the sale, the chief executive officer owned 277,560 shares of the company’s stock, valued at $23,201,240.40. This represents a 16.84% 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. Over the last quarter, insiders sold 485,657 shares of company stock valued at $39,207,306. 10.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. lifted its position in Circle Internet Group by 17.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 255,222 shares of the company’s stock valued at $20,239,000 after acquiring an additional 38,567 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Circle Internet Group in the second quarter valued at approximately $5,539,000. Fifth Third Bancorp acquired a new stake in Circle Internet Group in the first quarter valued at approximately $7,282,000. Alberta Investment Management Corp acquired a new stake in Circle Internet Group in the fourth quarter valued at approximately $25,027,000. Finally, SBI Holdings USA Inc. purchased a new position in Circle Internet Group in the second quarter worth $101,084,820.

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.