JPMorgan Chase & Co. Has Lowered Expectations for Circle Internet Group (NYSE:CRCL) Stock Price

Circle Internet Group (NYSE:CRCL) had its target price lowered by research analysts at JPMorgan Chase & Co. from $100.00 to $90.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 48.44% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Wall Street Zen lowered Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Sanford C. Bernstein set a $190.00 price target on shares of Circle Internet Group in a research note on Tuesday, January 6th. Monness Crespi & Hardt began coverage on shares of Circle Internet Group in a report on Monday, November 10th. They issued a “buy” rating and a $150.00 price objective on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Circle Internet Group in a research report on Wednesday, January 21st. Finally, Wolfe Research began coverage on Circle Internet Group in a research report on Tuesday, December 2nd. They issued an “underperform” rating and a $60.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $131.76.

Circle Internet Group Stock Performance

CRCL traded up $0.53 during midday trading on Tuesday, hitting $60.63. The company had a trading volume of 5,931,925 shares, compared to its average volume of 11,039,549. The company has a market capitalization of $14.28 billion and a PE ratio of -26.48. Circle Internet Group has a twelve month low of $49.90 and a twelve month high of $298.99. The firm’s 50-day simple moving average is $77.25 and its 200-day simple moving average is $109.84.

Circle Internet Group (NYSE:CRCL) last announced its earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.44. The company had revenue of $739.76 million for the quarter. The company’s revenue for the quarter was up 65.9% compared to the same quarter last year.

Insider Buying and Selling at Circle Internet Group

In related news, CFO Jeremy Fox-Geen sold 23,830 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,144,700.00. Following the sale, the chief financial officer directly owned 282,173 shares in the company, valued at $25,395,570. This trade represents a 7.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nikhil Chandhok sold 10,000 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $90.00, for a total transaction of $900,000.00. Following the completion of the transaction, the insider directly owned 474,974 shares of the company’s stock, valued at approximately $42,747,660. The trade was a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 723,616 shares of company stock worth $58,631,542 in the last quarter.

Institutional Investors Weigh In On Circle Internet Group

Several institutional investors have recently bought and sold shares of the company. Bartlett & CO. Wealth Management LLC bought a new position in Circle Internet Group during the 4th quarter worth $25,000. Larson Financial Group LLC raised its stake in Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 190 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Circle Internet Group in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group in the 2nd quarter valued at about $27,000. Finally, Bellevue Asset Management LLC bought a new stake in Circle Internet Group in the 4th quarter valued at about $29,000.

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 USD Coin (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.