Circle Internet Group (NYSE:CRCL) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Circle Internet Group (NYSE:CRCL) from a sell rating to a strong sell rating in a research note published on Sunday morning,Wall Street Zen reports.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods lowered their price target on Circle Internet Group from $105.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, November 5th. Piper Sandler upgraded shares of Circle Internet Group to a “neutral” rating in a research note on Thursday, November 5th. Compass Point raised shares of Circle Internet Group from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Thursday, November 5th. Susquehanna reduced their price objective on shares of Circle Internet Group from $92.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, November 5th. Finally, Barclays cut shares of Circle Internet Group to a “positive” rating in a report on Thursday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $91.44.

Circle Internet Group Price Performance

NYSE:CRCL opened at $64.81 on Friday. The firm has a market capitalization of $16.45 billion, a PE ratio of 40.70 and a beta of 0.84. The business’s fifty day moving average price is $84.44 and its 200 day moving average price is $85.58. Circle Internet Group has a 12 month low of $49.90 and a 12 month high of $140.00.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.42. Circle Internet Group had a return on equity of 13.10% and a net margin of 15.27%. The company had revenue of $864.89 million during the quarter. During the same period last year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was up 16.9% on a year-over-year basis. As a group, equities analysts anticipate that Circle Internet Group will post 1.20 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Tamara Schulz sold 1,194 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $73.06, for a total transaction of $87,233.64. Following the completion of the sale, the chief accounting officer owned 92,024 shares in the company, valued at approximately $6,723,273.44. This represents a 1.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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, CFO Jeremy Fox-Geen sold 4,238 shares of the stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $73.06, for a total transaction of $309,628.28. Following the sale, the chief financial officer owned 294,815 shares of the company’s stock, valued at $21,539,183.90. This trade represents a 1.42% decrease in their position. 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. In the last ninety days, insiders sold 431,872 shares of company stock valued at $36,861,999. 10.85% of the stock is owned by insiders.

Institutional Trading of Circle Internet Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Circle Internet Group by 24.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,970,939 shares of the company’s stock valued at $326,292,000 after purchasing an additional 785,213 shares during the last quarter. Southpoint Capital Advisors LP raised its stake in shares of Circle Internet Group by 175.0% during the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock worth $314,853,000 after purchasing an additional 2,100,000 shares during the last quarter. Amova Asset Management Americas Inc. lifted its holdings in shares of Circle Internet Group by 13.4% during the first quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock worth $278,173,000 after purchasing an additional 344,539 shares during the period. SBI Holdings USA Inc. acquired a new stake in shares of Circle Internet Group during the second quarter worth $101,084,820. Finally, Accel XI Associates L.L.C. acquired a new stake in shares of Circle Internet Group during the second quarter worth $56,999,563.

Circle Internet Group Company Profile

Circle Internet Group develops digital financial infrastructure centered on stablecoins and blockchain-based payments. Its principal products include USDC, a U.S. dollar-pegged stablecoin, and EURC, a euro-pegged stablecoin. The company also provides services and software that help businesses use digital currencies for payments and financial applications. Circle Mint is a platform for eligible institutions to mint and redeem USDC and EURC. Circle also offers developer tools and infrastructure, including its Cross-Chain Transfer Protocol, which supports the movement of USDC across compatible blockchains.