Circle Internet Group (NYSE:CRCL) Issues Earnings Results

Key Points

• Circle Internet Group reported a quarterly loss of ($4.48) EPS, significantly missing analysts' expectations of $0.34 by ($4.82), despite a 53.0% increase in revenue year-over-year.
• The company's stock performance is reflected in a current market capitalization of $40.79 billion with a P/E ratio of -14,483.96, and analysts show a mixed outlook with a consensus rating of "Hold" and an average price target of $175.27.
• Recent insider selling included the Director, Patrick Sean Neville, selling 1,000,000 shares for $29.30 each, contributing to a total insider sale of around $195.8 million in the last 90 days.

Circle Internet Group (NYSE:CRCL - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($4.48) EPS for the quarter, missing the consensus estimate of $0.34 by ($4.82), Briefing.com reports. The firm had revenue of $658.08 million for the quarter, compared to analysts' expectations of $645.35 million. The firm's revenue for the quarter was up 53.0% on a year-over-year basis.

Circle Internet Group Price Performance

Shares of Circle Internet Group stock traded up $9.89 on Friday, reaching $149.12. The company's stock had a trading volume of 17,678,785 shares, compared to its average volume of 27,617,326. The firm has a market capitalization of $33.19 billion and a P/E ratio of -11,784.42. Circle Internet Group has a 52-week low of $64.00 and a 52-week high of $298.99. The business has a 50-day simple moving average of $183.99.

Analyst Ratings Changes

CRCL has been the subject of several research reports. Compass Point lowered shares of Circle Internet Group from a "neutral" rating to a "sell" rating and reduced their price target for the company from $205.00 to $130.00 in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Circle Internet Group in a research report on Tuesday. They set a "hold" rating and a $155.00 price target for the company. Oppenheimer assumed coverage on shares of Circle Internet Group in a research report on Tuesday. They set a "market perform" rating for the company. Needham & Company LLC assumed coverage on Circle Internet Group in a research note on Wednesday, July 16th. They set a "buy" rating for the company. Finally, Citigroup assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set a "buy" rating and a $243.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Circle Internet Group has a consensus rating of "Hold" and a consensus price target of $173.00.

Insider Buying and Selling

In other Circle Internet Group news, Director Patrick Sean Neville sold 1,000,000 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 transaction of $29,300,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nikhil Chandhok sold 300,000 shares of Circle Internet Group stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $8,790,000.00. Following the transaction, the insider directly owned 605,580 shares of the company's stock, valued at approximately $17,743,494. This represents a 33.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,682,884 shares of company stock worth $195,808,501 over the last quarter.

Institutional Trading of Circle Internet Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. General Catalyst Group Management LLC bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $3,647,694,000. Invesco Ltd. bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $47,640,000. Federated Hermes Inc. bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $6,345,000. Baird Financial Group Inc. bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $2,649,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $1,813,000.

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.