Circle Internet Group (NYSE:CRCL) Shares Down 1.5% - Here's Why

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) traded down 1.5% during mid-day trading on Monday . The company traded as low as $144.70 and last traded at $147.04. 2,942,182 shares traded hands during trading, a decline of 89% from the average session volume of 27,243,932 shares. The stock had previously closed at $149.26.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Compass Point downgraded Circle Internet Group from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $205.00 to $130.00 in a report on Monday, July 21st. Deutsche Bank Aktiengesellschaft began coverage on Circle Internet Group in a report on Tuesday, August 12th. They issued a "hold" rating and a $155.00 target price for the company. Needham & Company LLC began coverage on Circle Internet Group in a report on Wednesday, July 16th. They issued a "buy" rating for the company. Barclays began coverage on Circle Internet Group in a report on Monday, June 30th. They issued an "overweight" rating and a $215.00 target price for the company. Finally, Citigroup began coverage on Circle Internet Group in a report on Monday, June 30th. They issued a "buy" rating and a $243.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $173.00.

Circle Internet Group Trading Down 3.4%

The company has a market cap of $32.08 billion and a PE ratio of -11,391.65. The business's 50-day moving average price is $183.28.

Insider Transactions at Circle Internet Group

In related news, insider Nikhil Chandhok sold 300,000 shares of the business'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 $8,790,000.00. Following the transaction, the insider owned 605,580 shares in the company, valued at $17,743,494. The trade was a 33.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Catalyst Group Vi L.P General sold 3,550,724 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $104,036,213.20. Following the completion of the transaction, the insider owned 20,120,769 shares in the company, valued at $589,538,531.70. This trade represents a 15.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,682,884 shares of company stock worth $195,808,501 over the last three months.

Hedge Funds Weigh In On Circle Internet Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. General Catalyst Group Management LLC acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $3,647,694,000. Marshall Wace LLP acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $1,547,214,000. ARK Investment Management LLC acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $530,165,000. Squarepoint Ops LLC acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. acquired a new position in Circle Internet Group during the 2nd quarter worth 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.

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