Circle Internet Group (NYSE:CRCL) Stock Price Down 1.5% - Here's What Happened

Key Points

• Circle Internet Group's shares dropped 1.5%, with significant trading volume at 2.94 million shares, a stark contrast to its average of 27.24 million shares.
• Analysts have mixed opinions on the stock, with price target estimates ranging from $130 to $243, leading to a current consensus rating of "Hold" with an average target price of $173.
• Insider trading has been notable, with prominent sales by Nikhil Chandhok and Catalyst Group, totaling over $195 million worth of shares sold in the past three months.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares were down 1.5% during mid-day trading on Monday . The stock traded as low as $144.70 and last traded at $147.04. Approximately 2,942,182 shares changed hands during trading, a decline of 89% from the average daily volume of 27,243,932 shares. The stock had previously closed at $149.26.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Baird R W upgraded shares of Circle Internet Group to a "hold" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. raised their price target on shares of Circle Internet Group from $80.00 to $89.00 and gave the company an "underweight" rating in a research note on Tuesday. Barclays assumed coverage on Circle Internet Group in a research note on Monday, June 30th. They set an "overweight" rating and a $215.00 price objective for the company. The Goldman Sachs Group began coverage on Circle Internet Group in a report on Tuesday, August 12th. They set a "neutral" rating and a $83.00 target price for the company. Finally, Needham & Company LLC restated a "buy" rating and issued a $250.00 target price on shares of Circle Internet Group in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $170.91.

Circle Internet Group Price Performance

The company has a market cap of $30.00 billion and a P/E ratio of -10,651.97. The business's fifty day simple moving average is $183.93.

Insider Buying and Selling

In other news, CFO Jeremy Fox-Geen sold 200,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $5,860,000.00. Following the completion of the transaction, the chief financial officer directly owned 320,371 shares in the company, valued at approximately $9,386,870.30. This represents a 38.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jeremy Allaire sold 1,582,160 shares of the firm'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 disclosure for this sale can be found here. Insiders sold a total of 7,480,290 shares of company stock worth $297,142,856 over the last ninety days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRCL. General Catalyst Group Management LLC purchased a new position in Circle Internet Group during the 2nd quarter valued at about $3,647,694,000. Marshall Wace LLP acquired a new stake in shares of Circle Internet Group during the second quarter worth about $1,547,214,000. ARK Investment Management LLC acquired a new stake in shares of Circle Internet Group during the second quarter worth about $530,165,000. Squarepoint Ops LLC purchased a new position in shares of Circle Internet Group in the second quarter valued at approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. acquired a new position in shares of Circle Internet Group in the second quarter valued at approximately $72,486,000.

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.