Circle Internet Group (NYSE:CRCL) Shares Gap Down – Should You Sell?

Circle Internet Group, Inc. (NYSE:CRCL) gapped down before the market opened on Monday . The stock had previously closed at $62.61, but opened at $58.98. Circle Internet Group shares last traded at $57.9450, with a volume of 3,872,766 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Compass Point set a $62.00 price objective on Circle Internet Group in a report on Wednesday, July 15th. William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $101.00 price target on shares of Circle Internet Group in a report on Tuesday, May 12th. Weiss Ratings restated a “sell (d)” rating on shares of Circle Internet Group in a research report on Friday, July 17th. Finally, Wells Fargo & Company raised their price objective on shares of Circle Internet Group from $111.00 to $142.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.18.

Circle Internet Group Trading Down 4.5%

The company has a fifty day moving average of $76.03 and a 200-day moving average of $86.63. The company has a market capitalization of $14.87 billion, a price-to-earnings ratio of -18.73 and a beta of 0.22.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates 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%. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities research analysts expect that Circle Internet Group, Inc. will post 0.79 EPS for the current year.

Insider Buying and Selling at Circle Internet Group

In other news, insider Hossein Razzaghi sold 1,831 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $64.40, for a total value of $117,916.40. Following the sale, the insider directly owned 662,856 shares of the company’s stock, valued at approximately $42,687,926.40. The trade was a 0.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, Director Patrick Sean Neville sold 50,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $62.65, for a total value of $3,132,500.00. Following the transaction, the director owned 2,018 shares in the company, valued at $126,427.70. This trade represents a 96.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,907,229 shares of company stock worth $151,041,167. Insiders own 10.85% of the company’s stock.

Institutional Trading of Circle Internet Group

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

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 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.