Circle Internet Group (NYSE:CRCL) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Circle Internet Group (NYSE:CRCL) from a hold rating to a strong sell rating in a research note published on Monday morning,Zacks.com reports.

A number of other brokerages also recently commented on CRCL. Compass Point upgraded Circle Internet Group from a “sell” rating to a “neutral” rating and set a $75.00 price objective for the company in a research report on Thursday, January 29th. Wall Street Zen lowered Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Monness Crespi & Hardt initiated coverage on shares of Circle Internet Group in a research note on Monday, November 10th. They set a “buy” rating and a $150.00 price target on the stock. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a report on Wednesday, November 12th. Finally, The Goldman Sachs Group raised their price objective on shares of Circle Internet Group from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $131.76.

Circle Internet Group Stock Performance

NYSE CRCL opened at $61.64 on Monday. Circle Internet Group has a twelve month low of $49.90 and a twelve month high of $298.99. The stock has a market cap of $14.51 billion and a PE ratio of -26.92. The firm has a 50-day simple moving average of $74.18 and a 200 day simple moving average of $104.58.

Insider Activity at Circle Internet Group

In related news, CEO Jeremy Allaire sold 7,055 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $90.05, for a total transaction of $635,302.75. Following the completion of the sale, the chief executive officer owned 77,572 shares in the company, valued at $6,985,358.60. This trade represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Patrick Sean Neville sold 30,000 shares of Circle Internet Group stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 360,016 shares of company stock valued at $28,288,252.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRCL. General Catalyst Group Management LLC acquired a new stake in Circle Internet Group during the 2nd quarter valued at $3,647,694,000. Marshall Wace LLP bought a new stake in shares of Circle Internet Group during the second quarter worth $1,547,214,000. IDG Accel China Capital II Associates L.P. bought a new stake in shares of Circle Internet Group during the fourth quarter worth $554,792,000. Accel XI Associates L.L.C. acquired a new stake in shares of Circle Internet Group in the fourth quarter valued at $513,844,000. Finally, ARK Investment Management LLC bought a new position in shares of Circle Internet Group in the second quarter valued at about $530,165,000.

About Circle Internet Group

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 USD Coin (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.