Circle Internet Group (NYSE:CRCL) Trading 10.4% Higher – Should You Buy?

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price traded up 10.4% on Monday . The company traded as high as $87.02 and last traded at $85.91. 5,700,295 shares traded hands during trading, a decline of 63% from the average session volume of 15,242,751 shares. The stock had previously closed at $77.84.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CRCL shares. HC Wainwright upgraded Circle Internet Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $150.00 in a research report on Monday, May 18th. Morgan Stanley upped their price objective on Circle Internet Group from $80.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 19th. Freedom Capital upgraded Circle Internet Group to a “hold” rating in a research report on Tuesday, April 21st. Zacks Research upgraded Circle Internet Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 17th. Finally, Robert W. Baird upped their price objective on Circle Internet Group from $110.00 to $138.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. One investment 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.com, the company has a consensus rating of “Hold” and a consensus target price of $134.18.

Circle Internet Group Price Performance

The stock has a market capitalization of $21.02 billion and a P/E ratio of -26.46. The firm has a 50-day simple moving average of $101.91 and a 200 day simple moving average of $89.97.

Circle Internet Group (NYSE:CRCL) last posted its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate 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%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts anticipate 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 Circle Internet Group news, CEO Jeremy Allaire sold 56,200 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $82.93, for a total transaction of $4,660,666.00. Following the completion of the sale, the chief executive officer owned 510,579 shares of the company’s stock, valued at approximately $42,342,316.47. This represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Patrick Sean Neville sold 1,034,396 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $82.87, for a total transaction of $85,720,396.52. Following the sale, the director directly owned 2,018 shares of the company’s stock, valued at $167,231.66. This represents a 99.81% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,415,984 shares of company stock worth $120,091,637 over the last 90 days. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Circle Internet Group by 61.6% in the third quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock worth $739,624,000 after purchasing an additional 2,126,072 shares in the last quarter. Travelers Companies Inc. bought a new stake in Circle Internet Group in the fourth quarter worth approximately $9,557,000. Sumitomo Mitsui Trust Group Inc. increased its holdings in Circle Internet Group by 98.2% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,575,684 shares of the company’s stock worth $204,252,000 after purchasing an additional 1,276,310 shares in the last quarter. CenterBook Partners LP increased its holdings in shares of Circle Internet Group by 1,069.9% during the third quarter. CenterBook Partners LP now owns 66,357 shares of the company’s stock valued at $8,798,000 after acquiring an additional 60,685 shares in the last quarter. Finally, Amova Asset Management Americas Inc. increased its holdings in shares of Circle Internet Group by 222.1% during the third quarter. Amova Asset Management Americas Inc. now owns 1,294,079 shares of the company’s stock valued at $171,453,000 after acquiring an additional 892,359 shares in the last quarter.

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.