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

Circle Internet Group, Inc. (NYSE:CRCL) shares gapped down before the market opened on Tuesday . The stock had previously closed at $75.96, but opened at $72.25. Circle Internet Group shares last traded at $69.6230, with a volume of 2,698,696 shares traded.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Robert W. Baird raised their price target on shares of Circle Internet Group from $110.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a research note on Thursday, June 11th. Morgan Stanley increased their price objective on Circle Internet Group from $80.00 to $106.00 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Circle Internet Group in a research report on Monday, April 20th. Finally, Compass Point reaffirmed a “sell” rating and set a $77.00 target price (down from $79.00) on shares of Circle Internet Group in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $121.53.

Circle Internet Group Stock Performance

The stock has a market cap of $16.35 billion and a P/E ratio of -20.56. The firm’s fifty day simple moving average is $97.88 and its 200-day simple moving average is $89.73.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm had revenue of $694.13 million during the quarter. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. Analysts predict that Circle Internet Group, Inc. will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In other news, Director Rajeev V. Date sold 1,273 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $85.00, for a total value of $108,205.00. Following the transaction, the director directly owned 154,346 shares of the company’s stock, valued at $13,119,410. The trade was a 0.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Patrick Sean Neville sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $81.30, for a total value of $4,065,000.00. Following the sale, the director owned 2,018 shares in the company, valued at approximately $164,063.40. The trade was a 96.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,895,721 shares of company stock valued at $154,303,103. 10.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Circle Internet Group

A number of hedge funds have recently added to or reduced their stakes in CRCL. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Circle Internet Group during the 4th quarter worth approximately $25,000. Larson Financial Group LLC lifted its position in shares of Circle Internet Group by 3,800.0% during the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 190 shares during the period. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter valued at $27,000. Bellevue Asset Management LLC bought a new position in Circle Internet Group during the fourth quarter worth $29,000. Finally, Harbour Investments Inc. boosted its stake in Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock worth $30,000 after acquiring an additional 238 shares in the last quarter.

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.