Circle Internet Group (NYSE:CRCL) Stock Price Down 5.6% – Should You Sell?

Circle Internet Group, Inc. (NYSE:CRCL)’s share price fell 5.6% during trading on Tuesday . The stock traded as low as $88.90 and last traded at $90.2170. 3,867,991 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 14,804,185 shares. The stock had previously closed at $95.55.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRCL. Seaport Research Partners set a $100.00 target price on shares of Circle Internet Group in a research report on Monday, August 17th. HC Wainwright lowered their price objective on shares of Circle Internet Group from $115.00 to $104.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Weiss Ratings raised shares of Circle Internet Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, August 6th. Wall Street Zen downgraded Circle Internet Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 1st. Finally, William Blair restated an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Circle Internet Group currently has an average rating of “Hold” and a consensus price target of $99.35.

Circle Internet Group Stock Down 0.8%

The company has a market capitalization of $22.54 billion, a price-to-earnings ratio of 60.81 and a beta of 0.56. The business’s 50-day moving average is $71.12 and its 200-day moving average is $88.39.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.08). The company had revenue of $701.32 million for the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($4.48) earnings per share. As a group, analysts expect that Circle Internet Group, Inc. will post 1.05 EPS for the current year.

Insider Activity

In related news, 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 transaction of $1,233,000.00. Following the sale, the director directly owned 4,608 shares of the company’s stock, valued at $284,083.20. This trade represents a 81.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeremy Allaire sold 56,200 shares of Circle Internet Group stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $62.03, for a total value of $3,486,086.00. Following the transaction, the chief executive officer owned 398,179 shares of the company’s stock, valued at approximately $24,699,043.37. This represents a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,100,971 shares of company stock valued at $163,146,343 over the last 90 days. Company insiders own 10.85% of the company’s stock.

Institutional Trading of Circle Internet Group

A number of hedge funds have recently added to or reduced their stakes in CRCL. Larson Financial Group LLC increased its holdings 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 buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group during the second quarter worth approximately $27,000. Harbour Investments Inc. grew its holdings in Circle Internet Group by 170.0% in the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after purchasing an additional 238 shares during the period. WPG Advisers LLC purchased a new stake in shares of Circle Internet Group in the first quarter valued at approximately $31,000. Finally, First Horizon Corp purchased a new stake in shares of Circle Internet Group in the first quarter valued at approximately $35,000.

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.