Circle Internet Group, Inc. (NYSE:CRCL) Given Consensus Rating of “Hold” by Analysts

Circle Internet Group, Inc. (NYSE:CRCL) has earned a consensus recommendation of “Hold” from the twenty-four brokerages that are currently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $113.25.

Several equities analysts have weighed in on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $160.00 target price on shares of Circle Internet Group in a report on Wednesday, March 25th. Wells Fargo & Company lifted their price target on shares of Circle Internet Group from $111.00 to $142.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Mizuho reiterated an “underperform” rating and issued a $50.00 price objective (down from $85.00) on shares of Circle Internet Group in a report on Tuesday. HC Wainwright upgraded Circle Internet Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $150.00 in a research report on Monday, May 18th. Finally, Wall Street Zen cut Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th.

Insiders Place Their Bets

In other news, President Heath Tarbert sold 39,240 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total transaction of $3,196,882.80. Following the completion of the transaction, the president directly owned 502,558 shares in the company, valued at approximately $40,943,400.26. This represents a 7.24% decrease in their position. 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. Also, Director Patrick Sean Neville sold 1,034,396 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were 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 owned 2,018 shares in the company, valued at approximately $167,231.66. This trade represents a 99.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last quarter, insiders have sold 1,966,527 shares of company stock worth $156,751,921. Corporate insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Creative Planning acquired a new position in shares of Circle Internet Group in the 2nd quarter worth approximately $295,000. Arrowstreet Capital Limited Partnership purchased a new stake in Circle Internet Group in the second quarter valued at approximately $1,474,000. Invesco Ltd. purchased a new stake in Circle Internet Group in the second quarter valued at approximately $47,640,000. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group during the second quarter worth $27,000. Finally, Baird Financial Group Inc. acquired a new position in Circle Internet Group during the second quarter worth $2,649,000.

Circle Internet Group Stock Down 7.6%

NYSE CRCL opened at $60.72 on Friday. The business’s fifty day simple moving average is $87.81 and its 200-day simple moving average is $88.00. The firm has a market cap of $15.09 billion and a PE ratio of -18.97. Circle Internet Group has a 52 week low of $49.90 and a 52 week high of $262.97.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share (EPS) 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 during the quarter. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts expect that Circle Internet Group will post 0.98 EPS for the current year.

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.