Robert W. Baird Issues Pessimistic Forecast for Circle Internet Group (NYSE:CRCL) Stock Price

Circle Internet Group (NYSE:CRCL) had its price target cut by analysts at Robert W. Baird from $144.00 to $110.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 27.90% from the stock’s previous close.

CRCL has been the subject of several other research reports. Oppenheimer started coverage on Circle Internet Group in a report on Friday, September 12th. They set a “market perform” rating for the company. JPMorgan Chase & Co. boosted their price target on shares of Circle Internet Group from $93.00 to $94.00 and gave the company an “underweight” rating in a research note on Tuesday. Citizens Jmp assumed coverage on shares of Circle Internet Group in a research note on Tuesday, September 30th. They issued a “market perform” rating on the stock. Needham & Company LLC reiterated a “buy” rating and set a $250.00 price objective on shares of Circle Internet Group in a report on Monday, September 8th. Finally, William Blair restated an “outperform” rating on shares of Circle Internet Group in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Circle Internet Group has an average rating of “Hold” and an average target price of $153.67.

Circle Internet Group Trading Down 12.5%

Shares of NYSE CRCL opened at $86.00 on Thursday. The firm’s 50-day moving average is $128.16. Circle Internet Group has a 1-year low of $64.00 and a 1-year high of $298.99.

Circle Internet Group (NYSE:CRCL) last issued 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. Circle Internet Group’s quarterly revenue was up 65.9% compared to the same quarter last year.

Insider Activity

In other news, CEO Jeremy Allaire sold 357,812 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 transaction of $45,470,748.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nikhil Chandhok sold 50,000 shares of the stock in a transaction 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 transaction, the insider directly owned 530,803 shares of the company’s stock, valued at approximately $67,454,445.24. This trade represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 831,014 shares of company stock worth $105,416,046.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Pilgrim Partners Asia Pte Ltd purchased a new stake in Circle Internet Group in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group during the second quarter worth about $27,000. Highline Wealth Partners LLC purchased a new position in shares of Circle Internet Group in the third quarter worth about $32,000. Montag A & Associates Inc. purchased a new position in shares of Circle Internet Group in the third quarter worth about $33,000. Finally, North Star Investment Management Corp. bought a new stake in shares of Circle Internet Group in the second quarter valued at approximately $34,000.

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.