Circle Internet Group (NYSE:CRCL) Posts Quarterly Earnings Results

Circle Internet Group (NYSE:CRCL) posted its quarterly earnings results on Monday. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06), Briefing.com reports. The firm’s revenue was up 20.0% on a year-over-year basis.

Circle Internet Group Stock Down 0.9%

CRCL stock opened at $112.59 on Monday. Circle Internet Group has a 52-week low of $49.90 and a 52-week high of $298.99. The firm has a market cap of $27.79 billion and a P/E ratio of -60.53. The company’s 50-day simple moving average is $103.32 and its 200-day simple moving average is $90.26.

Insider Buying and Selling

In other Circle Internet Group news, President Heath Tarbert sold 122,007 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $94.23, for a total transaction of $11,496,719.61. Following the transaction, the president owned 599,156 shares in the company, valued at approximately $56,458,469.88. This represents a 16.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Patrick Sean Neville sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 617,464 shares of company stock worth $60,251,749 in the last ninety days. 10.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter valued at about $27,000. Larson Financial Group LLC increased its position in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 190 shares during the last quarter. National Bank of Canada FI purchased a new position in Circle Internet Group during the third quarter worth about $37,000. Pin Oak Investment Advisors Inc. acquired a new position in Circle Internet Group in the 3rd quarter valued at about $39,000. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Circle Internet Group in the 3rd quarter valued at approximately $51,000.

Analysts Set New Price Targets

Several research analysts have issued reports on CRCL shares. Needham & Company LLC dropped their target price on shares of Circle Internet Group from $190.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Morgan Stanley set a $80.00 price objective on shares of Circle Internet Group in a research note on Monday, April 20th. Clear Str raised shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 16th. Compass Point restated a “sell” rating and set a $77.00 target price (down from $79.00) on shares of Circle Internet Group in a report on Thursday, April 9th. Finally, Freedom Capital raised Circle Internet Group to a “hold” rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $129.06.

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.