Circle Internet Group (NYSE:CRCL) Stock Price Down 3.3% – Time to Sell?

Circle Internet Group, Inc. (NYSE:CRCL)’s share price traded down 3.3% on Friday . The company traded as low as $144.52 and last traded at $144.75. 3,040,399 shares changed hands during trading, a decline of 85% from the average session volume of 20,640,525 shares. The stock had previously closed at $149.72.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wall Street Zen cut Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Friday, June 27th. Rothschild & Co Redburn assumed coverage on Circle Internet Group in a research report on Friday. They set a “neutral” rating and a $136.00 price objective for the company. Mizuho set a $85.00 price objective on Circle Internet Group in a research report on Tuesday, August 12th. Citigroup assumed coverage on Circle Internet Group in a research report on Tuesday. They set a “market perform” rating for the company. Finally, The Goldman Sachs Group assumed coverage on Circle Internet Group in a research report on Tuesday, August 12th. They set a “neutral” rating and a $83.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $165.54.

Circle Internet Group Price Performance

The firm has a market capitalization of $33.45 billion and a price-to-earnings ratio of -11,522.92. The firm has a 50 day moving average of $140.53.

Insider Buying and Selling at Circle Internet Group

In other news, CFO Jeremy Fox-Geen sold 33,608 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total transaction of $4,081,691.60. Following the completion of the transaction, the chief financial officer directly owned 297,823 shares of the company’s stock, valued at approximately $36,170,603.35. This represents a 10.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nikhil Chandhok sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $6,354,000.00. Following the completion of the transaction, the insider directly owned 530,803 shares of the company’s stock, valued at $67,454,445.24. The trade was a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 831,014 shares of company stock worth $105,416,046.

Hedge Funds Weigh In On Circle Internet Group

Several hedge funds have recently bought and sold shares of the company. General Catalyst Group Management LLC purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $3,647,694,000. Marshall Wace LLP purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $1,547,214,000. ARK Investment Management LLC purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $530,165,000. Squarepoint Ops LLC purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $72,486,000.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.