Circle Internet Group (NYSE:CRCL) Shares Down 9.6% – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price traded down 9.6% during trading on Friday . The stock traded as low as $111.39 and last traded at $112.0470. 4,526,528 shares were traded during mid-day trading, a decline of 71% from the average session volume of 15,624,821 shares. The stock had previously closed at $123.88.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Freedom Capital upgraded shares of Circle Internet Group to a “hold” rating in a research report on Tuesday, April 21st. Needham & Company LLC increased their target price on shares of Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho increased their target price on shares of Circle Internet Group from $120.00 to $135.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wall Street Zen downgraded shares of Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $160.00 target price on shares of Circle Internet Group in a research report on Wednesday, March 25th. One 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 given a Sell rating to the company. Based on data from MarketBeat, Circle Internet Group has a consensus rating of “Hold” and an average target price of $131.76.

Circle Internet Group Stock Performance

The company’s 50 day moving average price is $106.70 and its 200 day moving average price is $89.99. The company has a market cap of $27.64 billion and a price-to-earnings ratio of -35.19.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.06). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The business had revenue of $694.13 million for the quarter. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities research analysts forecast that Circle Internet Group, Inc. will post 0.86 EPS for the current fiscal year.

Insider Activity at Circle Internet Group

In other news, CFO Jeremy Fox-Geen sold 47,908 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $90.00, for a total transaction of $4,311,720.00. Following the transaction, the chief financial officer owned 261,059 shares in the company, valued at $23,495,310. This represents a 15.51% decrease in their position. 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 stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $90.00, for a total transaction of $2,700,000.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 618,664 shares of company stock worth $60,410,221 over the last quarter. 10.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Circle Internet Group

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

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 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.