Circle Internet Group (NYSE:CRCL) Earns Buy Rating from Canaccord Genuity Group

Key Points

• Circle Internet Group received a "buy" rating from Canaccord Genuity Group with a price target of $247.00, indicating a potential upside of 74.62% from its current price.
• Despite the positive outlook from Canaccord Genuity, Compass Point downgraded the stock from "neutral" to "sell," lowering their price target significantly from $205.00 to $130.00.
• Several institutional investors have shown strong interest, with notable new positions acquired during the second quarter, amounting to over $5 billion combined.

Circle Internet Group (NYSE:CRCL - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Canaccord Genuity Group in a report issued on Monday,Benzinga reports. They currently have a $247.00 price target on the stock. Canaccord Genuity Group's price target indicates a potential upside of 74.62% from the company's current price.

Other analysts have also issued research reports about the company. Compass Point lowered Circle Internet Group from a "neutral" rating to a "sell" rating and decreased their price objective for the stock from $205.00 to $130.00 in a report on Monday, July 21st. Citigroup started coverage on Circle Internet Group in a research note on Monday, June 30th. They issued a "buy" rating and a $243.00 price target on the stock. Needham & Company LLC started coverage on Circle Internet Group in a research note on Wednesday, July 16th. They issued a "buy" rating on the stock. The Goldman Sachs Group started coverage on Circle Internet Group in a research note on Tuesday, August 12th. They issued a "neutral" rating and a $83.00 price target on the stock. Finally, Baird R W raised Circle Internet Group to a "hold" rating in a research note on Friday, July 11th. Four analysts have rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Circle Internet Group presently has an average rating of "Hold" and an average price target of $173.00.

Circle Internet Group Stock Performance

CRCL traded down $7.81 during midday trading on Monday, reaching $141.45. The company's stock had a trading volume of 8,548,068 shares, compared to its average volume of 27,321,057. The stock has a market capitalization of $31.48 billion and a PE ratio of -11,178.28. The firm has a fifty day simple moving average of $183.28. Circle Internet Group has a twelve month low of $64.00 and a twelve month high of $298.99.

Insiders Place Their Bets

In related news, CEO Jeremy Allaire sold 1,582,160 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $46,357,288.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Nikhil Chandhok sold 300,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $8,790,000.00. Following the completion of the sale, the insider owned 605,580 shares of the company's stock, valued at $17,743,494. This represents a 33.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,682,884 shares of company stock valued at $195,808,501 in the last ninety days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. General Catalyst Group Management LLC acquired a new position in shares of Circle Internet Group during the second quarter worth about $3,647,694,000. Marshall Wace LLP acquired a new position in Circle Internet Group during the second quarter valued at approximately $1,547,214,000. ARK Investment Management LLC acquired a new position in Circle Internet Group during the second quarter valued at approximately $530,165,000. Squarepoint Ops LLC acquired a new position in Circle Internet Group during the second quarter valued at approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. acquired a new position in Circle Internet Group during the second quarter valued at approximately $72,486,000.

Circle Internet Group Company Profile

Founded in 2013, Circle's mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.

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