Circle Internet Group (NYSE:CRCL) Stock Rating Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Circle Internet Group to “strong sell” from “sell,” while the broader analyst consensus remains “hold” with an average price target of $97.82.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but its $0.18 EPS missed the $0.26 consensus estimate.
• Insiders sold 485,657 shares worth approximately $39.2 million over the past 90 days, including sizable sales by the CFO and a director.

Circle Internet Group (NYSE:CRCL - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

Several other brokerages have also issued reports on CRCL. Raymond James Financial initiated coverage on shares of Circle Internet Group in a report on Tuesday, July 21st. They issued a "market perform" rating for the company. Susquehanna reiterated a "neutral" rating on shares of Circle Internet Group in a report on Tuesday, September 29th. HC Wainwright decreased their target price on Circle Internet Group from $115.00 to $104.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Keefe, Bruyette & Woods began coverage on Circle Internet Group in a report on Tuesday, September 8th. They issued a "market perform" rating and a $105.00 price target for the company. Finally, Morgan Stanley dropped their price target on Circle Internet Group from $38.00 to $37.00 and set an "underweight" rating on the stock in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $97.82.

Circle Internet Group Price Performance

Shares of NYSE:CRCL opened at $84.65 on Friday. The firm's 50 day simple moving average is $84.16 and its 200 day simple moving average is $87.35. Circle Internet Group has a fifty-two week low of $49.90 and a fifty-two week high of $159.47. The company has a market capitalization of $21.49 billion, a price-to-earnings ratio of 57.98 and a beta of 0.73.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued 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 firm had revenue of $701.32 million for the quarter. During the same period in the prior year, the company posted ($4.48) EPS. The business's revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts expect that Circle Internet Group will post 1.08 earnings per share for the current year.

Insider Activity

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 45,000 shares of Circle Internet Group stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the sale, the chief financial officer owned 323,837 shares of the company's stock, valued at $29,145,330. This trade represents a 12.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Patrick Neville sold 50,000 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $59.55, for a total value of $2,977,500.00. Following the completion of the sale, the director owned 2,018 shares in the company, valued at approximately $120,171.90. This trade represents a 96.12% decrease in their ownership of the stock. 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 90 days, insiders have sold 485,657 shares of company stock worth $39,207,306. 10.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRCL. Avaii Wealth Management LLC bought a new position in shares of Circle Internet Group during the 3rd quarter worth approximately $267,000. GAMMA Investing LLC raised its position in shares of Circle Internet Group by 23.9% in the third quarter. GAMMA Investing LLC now owns 886 shares of the company's stock valued at $73,000 after purchasing an additional 171 shares during the period. CoreCap Advisors LLC lifted its stake in shares of Circle Internet Group by 293.8% during the 3rd quarter. CoreCap Advisors LLC now owns 9,656 shares of the company's stock worth $793,000 after buying an additional 7,204 shares during the last quarter. Everhart Financial Group Inc. acquired a new stake in shares of Circle Internet Group during the 3rd quarter worth about $240,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Circle Internet Group by 170.0% during the 3rd quarter. Versant Capital Management Inc now owns 656 shares of the company's stock worth $54,000 after buying an additional 413 shares during the period.

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.

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