Oppenheimer Initiates Coverage on Circle Internet Group (NYSE:CRCL)

Key Points

• Circle Internet Group's stock has received a "market perform" rating from Oppenheimer, while several other analysts have varied ratings from "strong buy" to "sell."
• The average price target for Circle Internet Group's stock is $170.91, with a market cap of $30.72 billion and a notable price-to-earnings ratio of -10,581.63.
• Recent insider transactions revealed that directors and executives sold a significant number of shares, totaling over $105 million in the last three months.

Equities researchers at Oppenheimer started coverage on shares of Circle Internet Group (NYSE:CRCL - Get Free Report) in a research note issued on Friday, Marketbeat.com reports. The brokerage set a "market perform" rating on the stock.

A number of other equities research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Circle Internet Group from $163.00 to $123.00 and set a "hold" rating on the stock in a research report on Wednesday, August 20th. Sanford C. Bernstein initiated coverage on Circle Internet Group in a report on Monday, June 30th. They issued an "outperform" rating and a $230.00 price objective on the stock. Citigroup initiated coverage on Circle Internet Group in a report on Monday, June 30th. They issued a "buy" rating and a $243.00 price objective on the stock. Seaport Res Ptn upgraded Circle Internet Group to a "strong-buy" rating in a report on Friday, June 20th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $250.00 price objective on shares of Circle Internet Group in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $170.91.

Circle Internet Group Price Performance

NYSE:CRCL opened at $133.90 on Friday. Circle Internet Group has a 52 week low of $64.00 and a 52 week high of $298.99. The stock has a market capitalization of $30.72 billion and a P/E ratio of -10,581.63. The company has a fifty day simple moving average of $163.20.

Insider Activity at Circle Internet Group

In other news, Director Rajeev V. Date sold 33,400 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total transaction of $4,244,472.00. Following the completion of the transaction, the director directly owned 248,663 shares of the company's stock, valued at approximately $31,600,094.04. This represents a 11.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nikhil Chandhok sold 50,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $6,354,000.00. Following the transaction, the insider directly owned 530,803 shares of the company's stock, valued at approximately $67,454,445.24. This represents a 8.61% decrease in their ownership of the stock. 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

Several institutional investors and hedge funds have recently made changes to their positions in CRCL. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $27,000. North Star Investment Management Corp. acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $34,000. Hennessy Advisors Inc. acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $36,000. Allworth Financial LP acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $37,000. Finally, Chilton Capital Management LLC acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $40,000.

About Circle Internet Group

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.