Circle Internet Group (NYSE:CRCL) Shares Down 5% – Here’s Why

Shares of Circle Internet Group, Inc. (NYSE:CRCL) dropped 5% during mid-day trading on Tuesday . The company traded as low as $106.25 and last traded at $107.46. Approximately 6,712,477 shares changed hands during trading, a decline of 56% from the average daily volume of 15,410,006 shares. The stock had previously closed at $113.12.

Analysts Set New Price Targets

CRCL has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Circle Internet Group in a report on Monday, April 20th. Mizuho upped their price objective on shares of Circle Internet Group from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Needham & Company LLC boosted their price target on Circle Internet Group from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Robert W. Baird boosted their price target on Circle Internet Group from $110.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. Finally, HC Wainwright upgraded Circle Internet Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $150.00 in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $137.12.

Circle Internet Group Stock Down 7.6%

The stock has a market cap of $25.81 billion and a price-to-earnings ratio of -32.68. The company’s 50-day moving average is $107.11 and its 200-day moving average is $89.28.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.06). The firm had revenue of $694.13 million for the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.Circle Internet Group’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, research analysts forecast that Circle Internet Group, Inc. will post 1.04 earnings per share for the current year.

Insider Activity at Circle Internet Group

In other news, Director M Michele Burns sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $120.15, for a total transaction of $1,201,500.00. Following the completion of the sale, the director owned 330,206 shares of the company’s stock, valued at approximately $39,674,250.90. This trade represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajeev V. Date sold 3,819 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $115.00, for a total transaction of $439,185.00. Following the sale, the director directly owned 152,328 shares of the company’s stock, valued at approximately $17,517,720. The trade was a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 628,664 shares of company stock valued at $61,520,221. Insiders own 10.85% of the company’s stock.

Hedge Funds Weigh In On Circle Internet Group

Several large investors have recently made changes to their positions in CRCL. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group during the second quarter valued at $27,000. Larson Financial Group LLC raised 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 worth $26,000 after purchasing an additional 190 shares during the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Circle Internet Group during the 3rd quarter worth about $27,000. Montag A & Associates Inc. bought a new stake in Circle Internet Group during the 3rd quarter worth about $33,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Circle Internet Group during the 3rd quarter worth about $35,000.

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.