Circle Internet Group (NYSE:CRCL) Stock Rating Raised to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Circle Internet Group (NYSE:CRCL) from a strong sell rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

Several other research firms have also recently commented on CRCL. Weiss Ratings raised shares of Circle Internet Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, August 6th. Morgan Stanley reduced their price target on shares of Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating on the stock in a research report on Thursday, August 6th. Keefe, Bruyette & Woods started coverage on shares of Circle Internet Group in a research note on Tuesday, September 8th. They issued a “market perform” rating and a $105.00 price target for the company. HC Wainwright lowered their price objective on shares of Circle Internet Group from $115.00 to $104.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Finally, Susquehanna reaffirmed a “neutral” rating on shares of Circle Internet Group in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.82.

Circle Internet Group Stock Performance

CRCL opened at $81.08 on Friday. The stock has a market capitalization of $20.58 billion, a PE ratio of 55.53 and a beta of 0.73. The stock’s 50 day moving average price is $82.24 and its 200-day moving average price is $88.97. Circle Internet Group has a 52-week low of $49.90 and a 52-week high of $159.47.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). The business had revenue of $701.32 million during the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned ($4.48) earnings per share. Research analysts forecast that Circle Internet Group will post 1.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Patrick Neville sold 50,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $59.55, for a total transaction of $2,977,500.00. Following the sale, the director owned 2,018 shares of the company’s stock, valued at $120,171.90. The trade was a 96.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,666 shares of the company’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $63.90, for a total transaction of $1,703,957.40. Following the completion of the sale, the insider owned 725,068 shares in the company, valued at approximately $46,331,845.20. This trade represents a 3.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 475,361 shares of company stock worth $36,939,196 over the last 90 days. Corporate insiders own 10.85% of the company’s stock.

Hedge Funds Weigh In On Circle Internet Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc boosted its position in shares of Circle Internet Group by 170.0% in the 3rd quarter. Versant Capital Management Inc now owns 656 shares of the company’s stock worth $54,000 after purchasing an additional 413 shares in the last quarter. Integrated Wealth Concepts LLC increased its position in Circle Internet Group by 15.2% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 4,067 shares of the company’s stock valued at $255,000 after buying an additional 538 shares in the last quarter. IFP Advisors Inc raised its stake in Circle Internet Group by 229.0% during the second quarter. IFP Advisors Inc now owns 3,204 shares of the company’s stock valued at $201,000 after buying an additional 2,230 shares during the last quarter. Allworth Financial LP raised its stake in Circle Internet Group by 9.1% during the second quarter. Allworth Financial LP now owns 1,267 shares of the company’s stock valued at $79,000 after buying an additional 106 shares during the last quarter. Finally, Arizona State Retirement System bought a new stake in Circle Internet Group in the second quarter worth $2,667,000.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company that develops infrastructure for digital currencies and blockchain-based payments. Its primary product is USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a stable value and support digital transactions, payments and transfers across blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

The company provides institutional and developer-focused services through Circle Mint, which enables eligible businesses to create, redeem and manage USDC and access related payment and treasury tools.