Circle Internet Group (NYSE:CRCL) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Circle Internet Group (NYSE:CRCL) from a sell rating to a strong sell rating in a research note published on Saturday.

A number of other analysts have also recently issued reports on the company. Needham & Company LLC increased their price objective on Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Raymond James Financial assumed coverage on Circle Internet Group in a report on Tuesday, July 21st. They set a “market perform” rating for the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $140.00 price target on shares of Circle Internet Group in a research report on Wednesday. Morgan Stanley increased their price target on shares of Circle Internet Group from $80.00 to $106.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 19th. Finally, Robert W. Baird cut their price objective on shares of Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Circle Internet Group has an average rating of “Hold” and a consensus target price of $109.81.

Circle Internet Group Price Performance

NYSE:CRCL opened at $62.55 on Friday. The company has a market cap of $15.55 billion and a P/E ratio of -19.55. The stock’s fifty day moving average price is $76.03 and its two-hundred day moving average price is $86.60. Circle Internet Group has a 1 year low of $49.90 and a 1 year high of $189.92.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The company had revenue of $694.13 million during the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.Circle Internet Group’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts expect that Circle Internet Group will post 0.79 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Nikhil Chandhok sold 489,737 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the transaction, the insider directly owned 521,809 shares of the company’s stock, valued at approximately $37,763,317.33. This trade represents a 48.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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, insider Hossein Razzaghi sold 34,623 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $78.85, for a total value of $2,730,023.55. Following the completion of the sale, the insider owned 666,404 shares of the company’s stock, valued at $52,545,955.40. The trade was a 4.94% 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. In the last three months, insiders sold 1,914,327 shares of company stock worth $151,802,213. 10.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Circle Internet Group

A number of hedge funds have recently made changes to their positions in CRCL. EverSource Wealth Advisors LLC bought a new position in shares of Circle Internet Group during the 2nd quarter valued at $27,000. GAMMA Investing LLC lifted its stake in Circle Internet Group by 28.6% in the second quarter. GAMMA Investing LLC now owns 715 shares of the company’s stock worth $45,000 after purchasing an additional 159 shares during the last quarter. Larson Financial Group LLC lifted its stake in Circle Internet Group by 3,800.0% in 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 last quarter. Harbour Investments Inc. boosted its position in Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after buying an additional 238 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in Circle Internet Group by 12.7% during the second quarter. Farther Finance Advisors LLC now owns 2,221 shares of the company’s stock valued at $140,000 after buying an additional 251 shares during the period.

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.