Circle Internet Group (NYSE:CRCL) Stock Price Down 10.1% – What’s Next?

Circle Internet Group, Inc. (NYSE:CRCL)’s share price fell 10.1% during mid-day trading on Wednesday . The company traded as low as $90.85 and last traded at $90.6780. 11,678,274 shares were traded during trading, a decline of 24% from the average session volume of 15,439,415 shares. The stock had previously closed at $100.85.

Analyst Ratings Changes

CRCL has been the subject of several recent analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $160.00 target price on shares of Circle Internet Group in a research report on Wednesday, March 25th. Morgan Stanley raised their price target on shares of Circle Internet Group from $80.00 to $106.00 and gave the company an “equal weight” rating in a report on Tuesday, May 19th. Mizuho boosted their target price on Circle Internet Group from $120.00 to $135.00 and gave the stock a “neutral” rating in a report on Tuesday, May 12th. Wall Street Zen lowered shares of Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Finally, KeyCorp started coverage on Circle Internet Group in a research report on Tuesday, May 26th. They issued a “sector weight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $137.12.

Circle Internet Group Stock Performance

The company has a market cap of $21.32 billion and a price-to-earnings ratio of -26.81. The company’s 50 day moving average price is $103.66 and its 200 day moving average price is $89.61.

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

Insiders Place Their Bets

In related news, Director M Michele Burns sold 11,670 shares of Circle Internet Group stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $112.71, for a total value of $1,315,325.70. Following the completion of the transaction, the director directly owned 343,538 shares of the company’s stock, valued at $38,720,167.98. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Patrick Sean Neville sold 30,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $98.04, for a total transaction of $2,941,200.00. Following the transaction, the director owned 30,000 shares in the company, valued at approximately $2,941,200. This trade represents a 50.00% 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. Insiders sold a total of 236,617 shares of company stock worth $25,045,808 in the last three months. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CloudAlpha Capital Management Limited Hong Kong boosted its position in Circle Internet Group by 181.1% in the 3rd quarter. CloudAlpha Capital Management Limited Hong Kong now owns 283,964 shares of the company’s stock valued at $37,648,000 after buying an additional 182,954 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Circle Internet Group in the 3rd quarter valued at $3,248,000. Vanguard Group Inc. raised its position in shares of Circle Internet Group by 61.6% during the third quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock worth $739,624,000 after acquiring an additional 2,126,072 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Circle Internet Group by 98.2% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,575,684 shares of the company’s stock worth $204,252,000 after acquiring an additional 1,276,310 shares during the last quarter. Finally, Travelers Companies Inc. acquired a new position in shares of Circle Internet Group during the fourth quarter valued at $9,557,000.

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 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.