Circle Internet Group (NYSE:CRCL) Stock Price Down 7.9% – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price was down 7.9% during mid-day trading on Thursday . The company traded as low as $79.32 and last traded at $78.0850. Approximately 6,902,456 shares traded hands during trading, a decline of 14% from the average daily volume of 8,013,844 shares. The stock had previously closed at $84.80.

Analyst Ratings Changes

CRCL has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating for the company in a research report on Thursday, November 13th. Robert W. Baird lowered their price objective on Circle Internet Group from $144.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, November 13th. Wolfe Research began coverage on Circle Internet Group in a research note on Tuesday, December 2nd. They set an “underperform” rating and a $60.00 price objective for 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 research report on Monday, January 5th. Finally, Citigroup began coverage on Circle Internet Group in a research report on Tuesday, September 30th. They set a “market perform” rating for the company. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Circle Internet Group currently has an average rating of “Hold” and an average price target of $139.29.

Circle Internet Group Stock Performance

The company has a 50 day moving average of $82.38 and a 200-day moving average of $127.45. The stock has a market cap of $18.04 billion and a price-to-earnings ratio of -33.46.

Circle Internet Group (NYSE:CRCL) last issued its quarterly 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 business had revenue of $739.76 million for the quarter. The business’s revenue for the quarter was up 65.9% compared to the same quarter last year.

Insider Activity at Circle Internet Group

In related news, CAO Tamara L. Schulz sold 4,438 shares of Circle Internet Group stock in a transaction on Monday, January 5th. The stock was sold at an average price of $85.19, for a total value of $378,073.22. Following the completion of the transaction, the chief accounting officer directly owned 82,679 shares in the company, valued at approximately $7,043,424.01. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jeremy Allaire sold 7,055 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $90.07, for a total value of $635,443.85. Following the transaction, the chief executive officer directly owned 70,517 shares of the company’s stock, valued at $6,351,466.19. The trade was a 9.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 722,089 shares of company stock worth $58,540,227 over the last 90 days.

Hedge Funds Weigh In On Circle Internet Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC raised 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 acquiring an additional 190 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Circle Internet Group in the 3rd quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Circle Internet Group during the 3rd quarter worth $32,000. Finally, Montag A & Associates Inc. acquired a new position in shares of Circle Internet Group during the third quarter worth $33,000.

Circle Internet Group Company 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 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.