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

Key Points

• Wall Street Zen upgraded Circle Internet Group’s rating from “strong sell” to “sell,” while the broader analyst consensus remains “hold” with an average price target of $97.82.
• Circle opened at $81.08, well below its 52-week high of $159.47. The company reported quarterly revenue of $701.32 million, up 6.6% year over year, but earnings of $0.18 per share missed the $0.26 consensus estimate.
• Insiders have sold 475,361 shares worth approximately $36.9 million over the past 90 days, including sales by the CEO and CFO under pre-arranged trading plans.

Circle Internet Group (NYSE:CRCL - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts have also weighed in on the company. Keefe, Bruyette & Woods started coverage on Circle Internet Group in a research report on Tuesday, September 8th. They set a "market perform" rating and a $105.00 price objective on the stock. Wolfe Research boosted their target price on Circle Internet Group from $50.00 to $65.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 25th. Needham & Company LLC lowered their target price on Circle Internet Group from $150.00 to $127.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Raymond James Financial began coverage on Circle Internet Group in a report on Tuesday, July 21st. They set a "market perform" rating on the stock. Finally, Morgan Stanley decreased their price objective on Circle Internet Group from $38.00 to $37.00 and set an "underweight" rating for the company in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Circle Internet Group currently has an average rating of "Hold" and a consensus target price of $97.82.

Circle Internet Group Stock Performance

Shares of CRCL stock opened at $81.08 on Friday. 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 50 day moving average price of $82.24 and a 200 day moving average price of $88.97. The stock has a market capitalization of $20.58 billion, a P/E ratio of 55.53 and a beta of 0.73.

Circle Internet Group (NYSE:CRCL - Get Free Report) last released its earnings results 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 return on equity of 13.58% and a net margin of 15.53%.The business had revenue of $701.32 million for the quarter. During the same quarter in the previous year, the business posted ($4.48) EPS. The firm's quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts forecast that Circle Internet Group will post 1.08 EPS for the current fiscal year.

Insider Activity at Circle Internet Group

In other news, CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $62.03, for a total value of $3,486,086.00. Following the completion of the sale, the chief executive officer directly owned 398,179 shares of the company's stock, valued at approximately $24,699,043.37. The trade was a 12.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Fox-Geen sold 45,000 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $90.00, for a total value of $4,050,000.00. Following the completion of the sale, the chief financial officer directly owned 323,837 shares of the company's stock, valued at approximately $29,145,330. This trade represents a 12.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 475,361 shares of company stock valued at $36,939,196. Corporate insiders own 10.85% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRCL. IDG Accel China Capital II Associates L.P. purchased a new stake in shares of Circle Internet Group in the fourth quarter valued at about $554,792,000. Southpoint Capital Advisors LP raised its holdings in Circle Internet Group by 175.0% during the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company's stock worth $314,853,000 after purchasing an additional 2,100,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Circle Internet Group by 13.3% in the first 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 during the period. Amova Asset Management Americas Inc. lifted its position in Circle Internet Group by 13.4% in the first 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 during the period. Finally, SBI Holdings USA Inc. purchased a new stake in Circle Internet Group in 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.

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