JPMorgan Chase & Co. Has Lowered Expectations for Circle Internet Group (NYSE:CRCL) Stock Price

Circle Internet Group (NYSE:CRCL) had its price objective dropped by equities research analysts at JPMorgan Chase & Co. from $100.00 to $90.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 48.44% from the stock’s previous close.

Several other research firms have also recently weighed in on CRCL. Wall Street Zen cut Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. The Goldman Sachs Group lifted their target price on Circle Internet Group from $79.00 to $88.00 and gave the company a “neutral” rating in a research report on Monday, January 5th. Needham & Company LLC dropped their target price on shares of Circle Internet Group from $250.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Mizuho set a $77.00 price target on shares of Circle Internet Group and gave the company a “neutral” rating in a report on Wednesday, January 28th. Finally, HC Wainwright began coverage on shares of Circle Internet Group in a research report on Friday, December 19th. They set a “neutral” rating and a $85.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $131.76.

Circle Internet Group Stock Performance

Shares of NYSE CRCL traded up $0.53 during mid-day trading on Tuesday, reaching $60.63. The company had a trading volume of 5,931,925 shares, compared to its average volume of 11,039,549. The firm has a market cap of $14.28 billion and a price-to-earnings ratio of -26.48. The business’s 50-day simple moving average is $77.25 and its 200 day simple moving average is $109.84. Circle Internet Group has a one year low of $49.90 and a one year high of $298.99.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, November 12th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.20 by $0.44. The firm had revenue of $739.76 million during the quarter. The business’s revenue for the quarter was up 65.9% compared to the same quarter last year.

Insider Buying and Selling

In other news, CEO Jeremy Allaire sold 7,055 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $90.07, for a total transaction of $635,443.85. Following the completion of the transaction, the chief executive officer directly owned 70,517 shares in the company, valued at $6,351,466.19. This trade represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeremy Fox-Geen sold 23,830 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The shares were 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 owned 282,173 shares in the company, valued at $25,395,570. The trade was a 7.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 723,616 shares of company stock valued at $58,631,542.

Institutional Trading of Circle Internet Group

A number of large investors have recently bought and sold shares of the business. Bartlett & CO. Wealth Management LLC bought a new position in shares of Circle Internet Group in the 4th quarter worth about $25,000. Larson Financial Group LLC grew its stake in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 190 shares during the period. Pilgrim Partners Asia Pte Ltd bought a new stake in Circle Internet Group in the third quarter worth approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group in the second quarter worth approximately $27,000. Finally, Bellevue Asset Management LLC acquired a new position in Circle Internet Group in the fourth quarter valued at approximately $29,000.

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.