Circle Internet Group (NYSE:CRCL) Shares Down 7.9% – Time to Sell?

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price traded down 7.9% during mid-day trading on Thursday . The stock traded as low as $79.32 and last traded at $78.0850. 6,902,456 shares changed hands during trading, a decline of 14% from the average session volume of 8,013,844 shares. The stock had previously closed at $84.80.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CRCL shares. Citizens Jmp assumed coverage on Circle Internet Group in a research note on Tuesday, September 30th. They set a “market perform” rating for the company. Rothschild Redb upgraded shares of Circle Internet Group to a “hold” rating in a research report on Friday, October 3rd. Wall Street Zen lowered shares of Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Circle Internet Group in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Circle Internet Group currently has an average rating of “Hold” and a consensus target price of $139.29.

Circle Internet Group Trading Down 9.6%

The company has a 50 day simple moving average of $82.38 and a 200 day simple moving average of $127.45. The stock has a market capitalization of $18.04 billion and a PE ratio of -33.46.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. The company had revenue of $739.76 million during the quarter. The company’s revenue for the quarter was up 65.9% on a year-over-year basis.

Insider Buying and Selling

In other news, CFO Jeremy Fox-Geen sold 23,830 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $90.00, for a total value of $2,144,700.00. Following the completion of the sale, the chief financial officer directly owned 282,173 shares of the company’s stock, valued at $25,395,570. This trade represents a 7.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeremy Allaire sold 7,055 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $90.07, for a total value of $635,443.85. Following the completion of the transaction, the chief executive officer owned 70,517 shares of the company’s stock, valued at $6,351,466.19. The trade was a 9.09% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 722,089 shares of company stock worth $58,540,227.

Institutional Trading of Circle Internet Group

A number of institutional investors have recently added to or reduced their stakes in CRCL. Exchange Traded Concepts LLC boosted its stake in shares of Circle Internet Group by 252.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 506,971 shares of the company’s stock worth $40,203,000 after acquiring an additional 363,157 shares in the last quarter. Pallas Capital Advisors LLC purchased a new position in shares of Circle Internet Group in the fourth quarter valued at $201,000. CoreCap Advisors LLC increased its position in shares of Circle Internet Group by 131.1% in the fourth quarter. CoreCap Advisors LLC now owns 832 shares of the company’s stock valued at $66,000 after buying an additional 472 shares in the last quarter. Howard Financial Services LTD. purchased a new stake in shares of Circle Internet Group in the 4th quarter worth about $229,000. Finally, Daymark Wealth Partners LLC purchased a new position in Circle Internet Group during the 4th quarter valued at about $259,000.

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.