Circle Internet Group (NYSE:CRCL) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Circle Internet Group (NYSE:CRCL) from a sell rating to a strong sell rating in a research report report published on Sunday morning,Wall Street Zen reports.

Several other research firms have also issued reports on CRCL. Sanford C. Bernstein reissued an “outperform” rating and set a $140.00 target price on shares of Circle Internet Group in a report on Wednesday, July 29th. Seaport Research Partners set a $100.00 price target on Circle Internet Group in a research note on Monday, August 17th. Mizuho set a $45.00 price objective on shares of Circle Internet Group and gave the stock a “neutral” rating in a research report on Friday, July 31st. Raymond James Financial assumed coverage on shares of Circle Internet Group in a research report on Tuesday, July 21st. They set a “market perform” rating for the company. Finally, HC Wainwright reduced their price objective on shares of Circle Internet Group from $115.00 to $104.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Circle Internet Group presently has a consensus rating of “Hold” and an average price target of $97.82.

Circle Internet Group Stock Performance

NYSE:CRCL opened at $84.35 on Friday. Circle Internet Group has a 52 week low of $49.90 and a 52 week high of $147.44. The firm’s 50-day simple moving average is $85.04 and its 200 day simple moving average is $86.81. The firm has a market cap of $21.42 billion, a price-to-earnings ratio of 57.44 and a beta of 0.73.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The business had revenue of $701.32 million during the quarter. During the same period in the prior year, the company earned ($4.48) earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts anticipate that Circle Internet Group will post 1.10 EPS for the current year.

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group news, Director Danita Ostling sold 20,000 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $61.65, for a total transaction of $1,233,000.00. Following the completion of the sale, the director directly owned 4,608 shares in the company, valued at $284,083.20. This represents a 81.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nikhil Chandhok sold 26,668 shares of the company’s stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $79.59, for a total value of $2,122,506.12. Following the sale, the insider owned 715,331 shares of the company’s stock, valued at $56,933,194.29. The trade was a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 485,657 shares of company stock valued at $39,207,306. 10.85% of the stock is currently owned by insiders.

Institutional Trading of Circle Internet Group

Institutional investors and hedge funds have recently modified their holdings of the business. Southpoint Capital Advisors LP lifted its holdings in shares of Circle Internet Group by 175.0% in the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock worth $314,853,000 after acquiring an additional 2,100,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Circle Internet Group by 13.3% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,917,764 shares of the company’s stock valued at $278,384,000 after purchasing an additional 342,080 shares in the last quarter. Amova Asset Management Americas Inc. boosted its stake in shares of Circle Internet Group by 13.4% in the 1st quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock valued at $278,173,000 after purchasing an additional 344,539 shares in the last quarter. Clear Street Group Inc. grew its holdings in shares of Circle Internet Group by 154.1% during the 4th quarter. Clear Street Group Inc. now owns 1,605,509 shares of the company’s stock valued at $127,317,000 after purchasing an additional 973,552 shares during the last quarter. Finally, SBI Holdings USA Inc. bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at approximately $101,084,820.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company that develops infrastructure for digital currencies and blockchain-based payments. Its primary product is USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a stable value and support digital transactions, payments and transfers across blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

The company provides institutional and developer-focused services through Circle Mint, which enables eligible businesses to create, redeem and manage USDC and access related payment and treasury tools.