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

Key Points

• Circle Internet Group's stock has been given a "Buy" rating by Canaccord Genuity Group, with a target price of $247.00, indicating a potential upside of 117.58% from its current price.
• Insider activity saw significant sales, with directors Rajeev V. Date and Patrick Sean Neville selling over 293,000 shares worth approximately $37.3 million combined.
• Circle's stock has a volatile range, with a twelve-month low of $64.00 and a high of $298.99, currently trading at about $113.52.

Canaccord Genuity Group reiterated their buy rating on shares of Circle Internet Group (NYSE:CRCL - Free Report) in a report published on Thursday,Benzinga reports. The firm currently has a $247.00 price objective on the stock.

Several other research firms have also recently weighed in on CRCL. JPMorgan Chase & Co. upped their price objective on shares of Circle Internet Group from $80.00 to $89.00 and gave the stock an "underweight" rating in a research report on Tuesday, August 19th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Circle Internet Group from $163.00 to $123.00 and set a "hold" rating for the company in a research report on Wednesday, August 20th. Citigroup started coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued a "buy" rating and a $243.00 target price for the company. Baird R W raised shares of Circle Internet Group to a "hold" rating in a report on Friday, July 11th. Finally, Compass Point cut shares of Circle Internet Group from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $205.00 to $130.00 in a report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Circle Internet Group presently has an average rating of "Hold" and a consensus price target of $170.91.

Circle Internet Group Price Performance

Shares of CRCL stock traded down $8.58 on Thursday, hitting $125.12. The company's stock had a trading volume of 15,213,909 shares, compared to its average volume of 9,764,717. Circle Internet Group has a fifty-two week low of $64.00 and a fifty-two week high of $298.99. The business has a 50 day simple moving average of $161.93. The company has a market cap of $28.71 billion and a P/E ratio of -9,887.78.

Insiders Place Their Bets

In related news, insider Nikhil Chandhok sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $6,354,000.00. Following the completion of the transaction, the insider owned 530,803 shares in the company, valued at $67,454,445.24. This trade represents a 8.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeremy Fox-Geen sold 33,608 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total transaction of $4,081,691.60. Following the completion of the transaction, the chief financial officer owned 297,823 shares of the company's stock, valued at approximately $36,170,603.35. This trade represents a 10.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 831,014 shares of company stock worth $105,416,046 over the last quarter.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC bought a new position in Circle Internet Group during the 2nd quarter worth approximately $673,000. PFG Investments LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $579,000. EWA LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $279,000. Covenant Asset Management LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $363,000. Finally, KG&L Capital Management LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $528,000.

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.