Circle Internet Group (NYSE:CRCL) Stock Price Up 8.1% – Time to Buy?

Shares of Circle Internet Group, Inc. (NYSE:CRCL) traded up 8.1% during trading on Thursday. The stock traded as high as $86.21 and last traded at $86.0150. 9,991,660 shares were traded during mid-day trading, a decline of 31% from the average session volume of 14,546,629 shares. The stock had previously closed at $79.55.

Analyst Upgrades and Downgrades

CRCL has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods assumed coverage on shares of Circle Internet Group in a research report on Tuesday, September 8th. They set a “market perform” rating and a $105.00 price objective for the company. Wall Street Zen cut Circle Internet Group from a “sell” rating to a “strong sell” rating in a research note on Sunday. Robert W. Baird lowered their price target on 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. The Goldman Sachs Group reaffirmed an “underperform” rating on shares of Circle Internet Group in a research note on Wednesday, September 9th. Finally, Canaccord Genuity Group cut their price objective on Circle Internet Group from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $97.82.

Circle Internet Group Stock Up 7.6%

The stock has a market cap of $21.72 billion, a price-to-earnings ratio of 58.69 and a beta of 0.73. The business’s fifty day moving average is $85.36 and its two-hundred day moving average is $86.69.

Circle Internet Group (NYSE:CRCL) last announced its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.08). The business had revenue of $701.32 million for 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 quarter in the prior year, the firm posted ($4.48) earnings per share. As a group, sell-side analysts expect that Circle Internet Group, Inc. will post 1.10 earnings per share for the current year.

Insiders Place Their Bets

In other Circle Internet Group news, Director Danita Ostling sold 20,000 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $61.65, for a total value of $1,233,000.00. Following the completion of the transaction, the director owned 4,608 shares in the company, valued at $284,083.20. The trade was a 81.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jeremy Fox-Geen sold 45,000 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the sale, the chief financial officer directly owned 323,837 shares in the company, valued at $29,145,330. This represents a 12.20% 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. Over the last quarter, insiders have sold 485,657 shares of company stock valued at $39,207,306. Corporate insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Several large investors have recently bought and sold shares of the stock. Southpoint Capital Advisors LP boosted its stake in shares of Circle Internet Group by 175.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after buying an additional 2,100,000 shares during the period. SBI Holdings USA Inc. acquired a new position in shares of Circle Internet Group during the second quarter worth about $101,084,820. Accel XI Associates L.L.C. purchased a new stake in shares of Circle Internet Group during the second quarter worth approximately $56,999,563. Bank of New York Mellon Corp purchased a new stake in shares of Circle Internet Group during the second quarter worth approximately $25,467,000. Finally, Amova Asset Management Americas Inc. increased its stake in shares of Circle Internet Group by 13.4% during the first quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock worth $278,173,000 after buying an additional 344,539 shares during the period.

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.