Circle Internet Group (NYSE:CRCL) Trading Down 4.8% – Here’s Why

Circle Internet Group, Inc. (NYSE:CRCL) was down 4.8% during trading on Monday . The company traded as low as $75.23 and last traded at $76.0610. Approximately 16,054,389 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 18,834,506 shares. The stock had previously closed at $79.93.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRCL. Monness Crespi & Hardt started coverage on shares of Circle Internet Group in a research report on Monday, November 10th. They set a “buy” rating and a $150.00 price target on the stock. JPMorgan Chase & Co. raised shares of Circle Internet Group from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $94.00 to $100.00 in a research note on Thursday, November 13th. Rothschild Redb upgraded Circle Internet Group to a “hold” rating in a research report on Friday, October 3rd. William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, November 12th. Finally, Wells Fargo & Company lowered their price objective on Circle Internet Group from $160.00 to $128.00 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Circle Internet Group has an average rating of “Hold” and an average target price of $150.33.

Circle Internet Group Stock Performance

The stock’s 50-day moving average price is $115.66.

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

Insider Transactions at Circle Internet Group

In related news, Director Patrick Sean Neville sold 33,569 shares of the stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $85.05, for a total transaction of $2,855,043.45. Following the transaction, the director owned 33,568 shares of the company’s stock, valued at approximately $2,854,958.40. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jeremy Fox-Geen sold 33,608 shares of Circle Internet Group stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total value of $4,081,691.60. Following the completion of the transaction, 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. Insiders have sold 551,455 shares of company stock valued at $45,564,337 over the last three months.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Brand Asset Management Group Inc. acquired a new position in shares of Circle Internet Group in the second quarter valued at approximately $272,000. Westbourne Investments Inc. purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $204,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Circle Internet Group in the second quarter worth $1,083,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Circle Internet Group during the second quarter worth $673,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Circle Internet Group during the second quarter worth $18,397,000.

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.