Circle Internet Group (NYSE:CRCL) Trading Down 4.6% – Time to Sell?

Circle Internet Group, Inc. (NYSE:CRCL)’s share price was down 4.6% on Friday . The company traded as low as $72.64 and last traded at $71.9480. Approximately 1,609,931 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 14,659,342 shares. The stock had previously closed at $75.38.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $101.00 price objective on shares of Circle Internet Group in a research report on Tuesday, May 12th. The Goldman Sachs Group set a $71.00 price target on Circle Internet Group in a research note on Thursday, August 6th. TD Cowen raised their price target on Circle Internet Group from $82.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird lowered their price objective on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a research report on Monday, July 13th. Finally, Wells Fargo & Company boosted their price objective on Circle Internet Group from $111.00 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $97.12.

Circle Internet Group Price Performance

The business’s 50 day simple moving average is $69.51 and its 200-day simple moving average is $86.02. The stock has a market capitalization of $17.95 billion, a P/E ratio of 49.45 and a beta of 0.23.

Circle Internet Group (NYSE:CRCL) last issued its earnings results on Wednesday, August 5th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.08). The business had revenue of $701.32 million for the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm earned ($4.48) EPS. Research analysts anticipate that Circle Internet Group, Inc. will post 1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group news, insider Hossein Razzaghi sold 1,829 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $60.08, for a total transaction of $109,886.32. Following the transaction, the insider owned 659,310 shares in the company, valued at approximately $39,611,344.80. This trade represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 Danita K. Ostling sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $61.65, for a total value of $1,233,000.00. Following the transaction, the director owned 4,608 shares in the company, valued at approximately $284,083.20. This trade represents a 81.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,054,163 shares of company stock valued at $159,286,990 over the last quarter. 10.85% of the stock is owned by corporate insiders.

Institutional Trading of Circle Internet Group

A number of hedge funds have recently modified their holdings of CRCL. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group during the second quarter valued at approximately $27,000. Larson Financial Group LLC increased its stake in Circle Internet Group by 3,800.0% in the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. National Bank of Canada FI acquired a new stake in Circle Internet Group in the third quarter worth $37,000. Pin Oak Investment Advisors Inc. acquired a new stake in Circle Internet Group in the third quarter worth $39,000. Finally, WPG Advisers LLC bought a new position in shares of Circle Internet Group during the first quarter worth $31,000.

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.