Circle Internet Group (NYSE:CRCL) Trading Down 7.3% – Time to Sell?

Circle Internet Group, Inc. (NYSE:CRCL) fell 7.3% on Monday . The company traded as low as $58.51 and last traded at $59.29. 11,504,139 shares were traded during mid-day trading, an increase of 13% from the average session volume of 10,180,097 shares. The stock had previously closed at $63.93.

Wall Street Analysts Forecast Growth

CRCL has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lowered their target price on Circle Internet Group from $147.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, November 13th. Wolfe Research began coverage on Circle Internet Group in a research note on Tuesday, December 2nd. They issued an “underperform” rating and a $60.00 price target for the company. Sanford C. Bernstein set a $190.00 price objective on shares of Circle Internet Group in a research report on Tuesday, January 6th. The Goldman Sachs Group boosted their target price on shares of Circle Internet Group from $79.00 to $88.00 and gave the stock a “neutral” rating in a research report on Monday, January 5th. Finally, Mizuho set a $77.00 price target on shares of Circle Internet Group and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Circle Internet Group currently has an average rating of “Hold” and a consensus price target of $132.56.

Circle Internet Group Price Performance

The company has a market capitalization of $12.93 billion and a P/E ratio of -23.97. The stock’s fifty day simple moving average is $78.50 and its 200-day simple moving average is $113.57.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Wednesday, November 12th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.44. The business had revenue of $739.76 million for the quarter. The firm’s revenue was up 65.9% on a year-over-year basis.

Insider Buying and Selling

In other news, CFO Jeremy Fox-Geen sold 23,830 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $90.00, for a total value of $2,144,700.00. Following the sale, the chief financial officer owned 282,173 shares in the company, valued at approximately $25,395,570. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jeremy Allaire sold 7,055 shares of the company’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $90.07, for a total transaction of $635,443.85. Following the transaction, the chief executive officer owned 70,517 shares of the company’s stock, valued at approximately $6,351,466.19. The trade was a 9.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 723,616 shares of company stock valued at $58,631,542 in the last ninety days.

Institutional Investors Weigh In On Circle Internet Group

Several institutional investors and hedge funds have recently bought and sold shares of CRCL. Independent Advisor Alliance bought a new position in shares of Circle Internet Group during the 4th quarter worth about $212,000. Peregrine Investment Management Inc. raised its position in Circle Internet Group by 26.7% in the fourth quarter. Peregrine Investment Management Inc. now owns 126,710 shares of the company’s stock worth $10,048,000 after purchasing an additional 26,710 shares in the last quarter. Midwest Trust Co acquired a new position in Circle Internet Group in the fourth quarter worth about $3,846,000. Ballentine Partners LLC bought a new position in Circle Internet Group during the fourth quarter worth about $18,353,000. Finally, International Assets Investment Management LLC acquired a new stake in Circle Internet Group during the fourth quarter valued at approximately $451,000.

Circle Internet Group Company Profile

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 USD Coin (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.