Circle Internet Group (NYSE:CRCL) Trading Up 13.2% – Here’s Why

Circle Internet Group, Inc. (NYSE:CRCL)’s share price shot up 13.2% on Monday . The company traded as high as $92.36 and last traded at $94.4660. 8,095,891 shares were traded during trading, a decline of 36% from the average session volume of 12,654,630 shares. The stock had previously closed at $83.44.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group raised their target price on Circle Internet Group from $79.00 to $88.00 and gave the company a “neutral” rating in a report on Monday, January 5th. Monness Crespi & Hardt initiated coverage on Circle Internet Group in a report on Monday, November 10th. They set a “buy” rating and a $150.00 price objective on the stock. Zacks Research lowered Circle Internet Group from a “hold” rating to a “strong sell” rating in a report on Monday, February 16th. JPMorgan Chase & Co. lowered their price target on Circle Internet Group from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th. Finally, Mizuho set a $77.00 price objective on shares of Circle Internet Group and gave the stock a “neutral” rating in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $122.12.

Circle Internet Group Trading Up 13.0%

The business’s fifty day simple moving average is $72.17 and its two-hundred day simple moving average is $99.61. The stock has a market capitalization of $22.20 billion and a P/E ratio of -41.03.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.18. The company had revenue of $770.23 million during the quarter. Circle Internet Group’s revenue was up 76.9% on a year-over-year basis.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, President Heath Tarbert sold 3,048 shares of Circle Internet Group stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $90.02, for a total transaction of $274,380.96. Following the sale, the president owned 579,302 shares in the company, valued at $52,148,766.04. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Tamara L. Schulz sold 1,527 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.80, for a total transaction of $91,314.60. Following the completion of the transaction, the chief accounting officer owned 98,010 shares of the company’s stock, valued at approximately $5,860,998. This represents a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 105,769 shares of company stock worth $9,440,896 in the last three months.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Sit Investment Associates Inc. boosted its holdings in Circle Internet Group by 93.6% during the fourth quarter. Sit Investment Associates Inc. now owns 9,100 shares of the company’s stock valued at $722,000 after purchasing an additional 4,400 shares in the last quarter. Virtu Financial LLC acquired a new stake in Circle Internet Group in the 4th quarter valued at $2,159,000. Cambient Family Office LLC bought a new stake in Circle Internet Group in the fourth quarter valued at $376,000. Invesco Ltd. raised its stake in Circle Internet Group by 7.6% during the fourth quarter. Invesco Ltd. now owns 34,908 shares of the company’s stock worth $2,768,000 after acquiring an additional 2,467 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in shares of Circle Internet Group during the fourth quarter valued at $25,027,000.

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.