Circle Internet Group (NYSE:CRCL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Circle Internet Group (NYSE:CRCL) from a strong sell rating to a sell rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Several other brokerages also recently commented on CRCL. Raymond James Financial initiated coverage on shares of Circle Internet Group in a research report on Tuesday, July 21st. They set a “market perform” rating for the company. The Goldman Sachs Group reaffirmed an “underperform” rating on shares of Circle Internet Group in a report on Wednesday, September 9th. Sanford C. Bernstein reissued an “outperform” rating and set a $140.00 price target on shares of Circle Internet Group in a report on Wednesday, July 29th. Compass Point set a $62.00 price target on Circle Internet Group in a report on Wednesday, July 15th. Finally, William Blair restated an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, August 5th. One investment 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $97.82.

Circle Internet Group Trading Up 2.7%

Shares of NYSE:CRCL opened at $83.47 on Friday. The firm has a 50 day moving average of $82.60 and a 200-day moving average of $88.36. The stock has a market capitalization of $21.19 billion, a PE ratio of 57.17 and a beta of 0.73. Circle Internet Group has a 12 month low of $49.90 and a 12 month high of $159.47.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share 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%.The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($4.48) earnings per share. On average, research analysts predict that Circle Internet Group will post 1.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other Circle Internet Group news, Director Patrick Neville sold 50,000 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $59.55, for a total transaction of $2,977,500.00. Following the sale, the director owned 2,018 shares of the company’s stock, valued at approximately $120,171.90. The trade was a 96.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Danita K. Ostling sold 20,000 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $61.65, for a total transaction of $1,233,000.00. Following the transaction, the director owned 4,608 shares of the company’s stock, valued at $284,083.20. This trade represents a 81.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 423,391 shares of company stock worth $33,584,109 over the last 90 days. Insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds have recently modified their holdings of the company. Harbour Investments Inc. increased its holdings in 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 purchasing an additional 238 shares in the last quarter. WPG Advisers LLC acquired a new stake in shares of Circle Internet Group during the first quarter valued at about $31,000. First Horizon Corp bought a new stake in shares of Circle Internet Group during the first quarter worth about $35,000. Abound Financial LLC bought a new stake in shares of Circle Internet Group during the first quarter worth about $38,000. Finally, Global Assets Advisory LLC acquired a new position in shares of Circle Internet Group in the first quarter valued at approximately $43,000.

About Circle Internet Group

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.