Spartan Wealth Advisory Services LLC Buys New Position in Circle Internet Group, Inc. $CRCL

Spartan Wealth Advisory Services LLC purchased a new stake in Circle Internet Group, Inc. (NYSE:CRCL) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 11,721 shares of the company’s stock, valued at approximately $1,118,000.

Other hedge funds have also added to or reduced their stakes in the company. General Catalyst Group Management LLC purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth about $3,647,694,000. IDG Accel China Capital II Associates L.P. bought a new position in Circle Internet Group in the fourth quarter worth about $554,792,000. Accel XI Associates L.L.C. bought a new position in Circle Internet Group in the fourth quarter worth about $513,844,000. Renaissance Technologies LLC purchased a new stake in Circle Internet Group in the fourth quarter worth about $163,948,000. Finally, Marshall Wace LLP lifted its holdings in Circle Internet Group by 23.8% in the fourth quarter. Marshall Wace LLP now owns 9,978,729 shares of the company’s stock worth $791,313,000 after buying an additional 1,919,205 shares during the period.

Insiders Place Their Bets

In other news, insider Nikhil Chandhok sold 489,737 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the transaction, the insider directly owned 521,809 shares of the company’s stock, valued at $37,763,317.33. This represents a 48.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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. Also, Director Patrick Sean Neville sold 1,034,396 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $82.87, for a total value of $85,720,396.52. Following the transaction, the director directly owned 2,018 shares in the company, valued at approximately $167,231.66. The trade was a 99.81% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,966,527 shares of company stock worth $156,751,921 in the last three months. Corporate insiders own 10.85% of the company’s stock.

Circle Internet Group Stock Performance

Shares of NYSE CRCL opened at $60.45 on Monday. The firm’s 50 day moving average price is $86.77 and its 200-day moving average price is $87.86. The company has a market cap of $15.03 billion and a PE ratio of -18.89. Circle Internet Group, Inc. has a 52-week low of $49.90 and a 52-week high of $262.97.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The firm had revenue of $694.13 million for the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The business’s revenue was up 20.0% on a year-over-year basis. On average, analysts forecast that Circle Internet Group, Inc. will post 0.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRCL. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a research report on Thursday, June 11th. Wall Street Zen lowered Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Susquehanna started coverage on shares of Circle Internet Group in a report on Wednesday, July 1st. They set a “neutral” rating and a $69.00 target price on the stock. Needham & Company LLC boosted their price objective on shares of Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, KeyCorp began coverage on shares of Circle Internet Group in a report on Tuesday, May 26th. They issued a “sector weight” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Circle Internet Group presently has a consensus rating of “Hold” and an average target price of $113.25.

Circle Internet Group 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.