Circle Internet Group (NYSE:CRCL) Insider Nikhil Chandhok Sells 489,737 Shares of Stock

Circle Internet Group, Inc. (NYSE:CRCL) insider Nikhil Chandhok sold 489,737 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the transaction, the insider owned 521,809 shares of the company’s stock, valued at approximately $37,763,317.33. This represents a 48.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.

Nikhil Chandhok also recently made the following trade(s):

• On Monday, June 8th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The shares were sold at an average price of $83.75, for a total value of $2,233,277.50.
• On Thursday, May 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The shares were sold at an average price of $111.00, for a total value of $1,110,000.00.
• On Tuesday, April 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $104.00, for a total value of $1,040,000.00.

Circle Internet Group Trading Up 6.9%

Shares of Circle Internet Group stock traded up $4.74 on Friday, reaching $73.55. 14,370,077 shares of the company were exchanged, compared to its average volume of 15,061,885. Circle Internet Group, Inc. has a one year low of $49.90 and a one year high of $262.97. The company has a market capitalization of $18.28 billion and a price-to-earnings ratio of -22.98. The company has a 50-day moving average of $99.16 and a 200 day moving average of $89.89.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.06). The firm had revenue of $694.13 million during the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. Circle Internet Group’s revenue was up 20.0% compared to the same quarter last year. Analysts predict that Circle Internet Group, Inc. will post 1.02 earnings per share for the current year.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds have recently bought and sold shares of CRCL. Creative Planning bought a new position in shares of Circle Internet Group during the second quarter worth approximately $295,000. Arrowstreet Capital Limited Partnership acquired a new position in Circle Internet Group in the 2nd quarter valued at $1,474,000. Invesco Ltd. bought a new position in Circle Internet Group during the 2nd quarter worth $47,640,000. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group during the 2nd quarter worth $27,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Circle Internet Group during the second quarter worth $2,649,000.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CRCL. Morgan Stanley upped their target price on shares of Circle Internet Group from $80.00 to $106.00 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a research report on Thursday, June 11th. Freedom Capital upgraded Circle Internet Group to a “hold” rating in a research note on Tuesday, April 21st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Circle Internet Group in a research report on Wednesday, March 25th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Circle Internet Group in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Circle Internet Group has an average rating of “Hold” and a consensus price target of $134.18.

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.