Circle Internet Group (NYSE:CRCL) Downgraded to "Strong Sell" Rating by 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 a $109.81 average price target.
• CRCL opened at $62.55, well below its 50-day and 200-day moving averages of $76.03 and $86.60, respectively. The stock has traded between $49.90 and $189.92 over the past year.
• Circle reported quarterly revenue of $694.13 million, up 20% year over year, but earnings of $0.21 per share missed the $0.27 consensus estimate; insiders have sold about $151.8 million of shares in the past 90 days.

Circle Internet Group (NYSE:CRCL - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a report issued on Saturday.

CRCL has been the topic of a number of other reports. Mizuho set a $45.00 target price on shares of Circle Internet Group and gave the stock a "neutral" rating in a research report on Friday. Weiss Ratings reissued a "sell (d)" rating on shares of Circle Internet Group in a research report on Friday, July 17th. William Blair reissued an "outperform" rating on shares of Circle Internet Group in a research note on Thursday, June 11th. Robert W. Baird cut their price objective on shares of Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating on the stock in a report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $101.00 target price on shares of Circle Internet Group in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $109.81.

Circle Internet Group Price Performance

CRCL stock opened at $62.55 on Friday. Circle Internet Group has a 1 year low of $49.90 and a 1 year high of $189.92. The firm has a 50-day moving average of $76.03 and a 200 day moving average of $86.60. The company has a market cap of $15.55 billion and a P/E ratio of -19.55.

Circle Internet Group (NYSE:CRCL - Get Free Report) 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). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm had revenue of $694.13 million for the quarter. The company's revenue was up 20.0% compared to the same quarter last year. On average, equities research analysts expect that Circle Internet Group will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In other news, CEO Jeremy Allaire sold 3,032 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $67.16, for a total transaction of $203,629.12. Following the sale, the chief executive officer owned 63,346 shares in the company, valued at $4,254,317.36. This represents a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Tamara L. Schulz sold 1,194 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $64.40, for a total transaction of $76,893.60. Following the sale, the chief accounting officer owned 85,871 shares in the company, valued at approximately $5,530,092.40. The trade was a 1.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,914,327 shares of company stock worth $151,802,213 in the last 90 days. Insiders own 10.85% of the company's stock.

Institutional Trading of Circle Internet Group

Several institutional investors have recently added to or reduced their stakes in CRCL. Creative Planning bought a new stake in shares of Circle Internet Group in the 2nd quarter worth $295,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Circle Internet Group during the second quarter valued at $1,474,000. Invesco Ltd. purchased a new stake in shares of Circle Internet Group during the second quarter valued at $47,640,000. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group in the 2nd quarter worth about $27,000. Finally, Baird Financial Group Inc. bought a new stake in Circle Internet Group in the 2nd quarter worth about $2,649,000.

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.

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