Circle Internet Group (NYSE:CRCL) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Circle shares jumped 6.8% to $92.10 on unusually high volume of 8.46 million shares, though volume fell 42% from the prior session. The company’s market capitalization is approximately $22.69 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $97.12. Recent targets range from $45 to $101, while ratings include one Strong Buy, 10 Buys, 13 Holds, and three Sells.
• Circle reported $701.32 million in quarterly revenue, up 6.6% year over year, but its $0.18 EPS missed expectations of $0.26. Insiders have sold 2.05 million shares worth approximately $158.8 million over the past 90 days, primarily through pre-arranged trading plans.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares saw unusually-high trading volume on Friday . 8,455,429 shares were traded during trading, a decline of 42% from the previous session's volume of 14,703,860 shares.The stock last traded at $92.10 and had previously closed at $83.66.

Wall Street Analysts Forecast Growth

CRCL has been the subject of a number of recent research reports. William Blair restated an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Mizuho set a $45.00 price target on shares of Circle Internet Group and gave the company a "neutral" rating in a report on Friday, July 31st. Compass Point set a $62.00 price target on shares of Circle Internet Group in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $101.00 price target on shares of Circle Internet Group in a research report on Tuesday, May 12th. Finally, 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 research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Circle Internet Group presently has a consensus rating of "Hold" and an average target price of $97.12.

Circle Internet Group Trading Up 6.8%

The firm has a 50-day moving average of $69.01 and a 200 day moving average of $86.27. The stock has a market capitalization of $22.69 billion, a price-to-earnings ratio of 61.22 and a beta of 0.23.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.08). Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The business had revenue of $701.32 million for the quarter. During the same period in the previous year, the business earned ($4.48) EPS. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts predict that Circle Internet Group, Inc. will post 1.04 EPS for the current fiscal year.

Insider Transactions at Circle Internet Group

In other Circle Internet Group news, insider Nikhil Chandhok sold 489,737 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the sale, the insider directly owned 521,809 shares in the company, valued at approximately $37,763,317.33. The trade was a 48.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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. Also, CEO Jeremy Allaire sold 56,200 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $82.93, for a total transaction of $4,660,666.00. Following the completion of the sale, the chief executive officer directly owned 510,579 shares of the company's stock, valued at approximately $42,342,316.47. This represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 2,052,639 shares of company stock worth $158,812,690 over the last ninety days. Insiders own 10.85% of the company's stock.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter valued at $27,000. Larson Financial Group LLC lifted its holdings in shares of Circle Internet Group by 3,800.0% in the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after buying an additional 190 shares during the period. National Bank of Canada FI acquired a new stake in shares of Circle Internet Group in the third quarter valued at $37,000. Pin Oak Investment Advisors Inc. bought a new position in Circle Internet Group during the third quarter valued at about $39,000. Finally, WPG Advisers LLC bought a new position in Circle Internet Group during the first quarter valued at about $31,000.

About Circle Internet Group

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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