Circle Internet Group (NYSE:CRCL) Shares Gap Down – What’s Next?

Shares of Circle Internet Group, Inc. (NYSE:CRCL) gapped down prior to trading on Wednesday . The stock had previously closed at $98.30, but opened at $93.85. Circle Internet Group shares last traded at $89.9970, with a volume of 13,274,733 shares trading hands.

Analyst Upgrades and Downgrades

CRCL has been the topic of a number of recent analyst reports. Monness Crespi & Hardt initiated coverage on Circle Internet Group in a research report on Monday. They issued a “buy” rating and a $150.00 target price on the stock. Robert W. Baird dropped their target price on Circle Internet Group from $210.00 to $185.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 13th. JMP Securities initiated coverage on shares of Circle Internet Group in a report on Tuesday, September 30th. They set a “market perform” rating for the company. Mizuho set a $85.00 target price on shares of Circle Internet Group in a research note on Tuesday, August 12th. Finally, Rothschild & Co Redburn began coverage on shares of Circle Internet Group in a research report on Friday, October 3rd. They issued a “neutral” rating and a $136.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Circle Internet Group presently has an average rating of “Hold” and an average price target of $164.47.

Circle Internet Group Stock Performance

The business has a 50-day moving average of $128.81.

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

Insider Activity

In other news, Director Rajeev V. Date sold 33,400 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total transaction of $4,244,472.00. Following the transaction, the director owned 248,663 shares of the company’s stock, valued at approximately $31,600,094.04. This represents a 11.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jeremy Fox-Geen sold 33,608 shares of the company’s stock in a transaction 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 sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 831,014 shares of company stock valued at $105,416,046.

Institutional Investors Weigh In On Circle Internet Group

Large investors have recently modified their holdings of the stock. General Catalyst Group Management LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth about $3,647,694,000. Marshall Wace LLP bought a new position in Circle Internet Group during the second quarter worth about $1,547,214,000. ARK Investment Management LLC bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at $530,165,000. Vanguard Group Inc. lifted its holdings in shares of Circle Internet Group by 61.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock valued at $739,624,000 after purchasing an additional 2,126,072 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Circle Internet Group by 282.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,299,374 shares of the company’s stock worth $172,271,000 after acquiring an additional 959,309 shares in the last quarter.

Circle Internet Group Company Profile

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.