Circle Internet Group (NYSE:CRCL) Shares Down 3.3% - Here's What Happened

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) traded down 3.3% during mid-day trading on Tuesday . The stock traded as low as $196.70 and last traded at $198.00. 4,135,487 shares traded hands during trading, a decline of 89% from the average session volume of 37,315,027 shares. The stock had previously closed at $204.70.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set an "underweight" rating and a $80.00 price target on the stock. Compass Point began coverage on shares of Circle Internet Group in a research report on Tuesday, June 24th. They set a "neutral" rating and a $205.00 price target on the stock. The Goldman Sachs Group began coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued a "neutral" rating and a $83.00 price objective on the stock. Sanford C. Bernstein began coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued an "outperform" rating and a $230.00 price objective on the stock. Finally, Robert W. Baird began coverage on shares of Circle Internet Group in a report on Friday, July 11th. They issued a "neutral" rating and a $210.00 price objective on the stock. Three analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $182.09.

Circle Internet Group Trading Up 1.0%

The firm has a market cap of $52.40 billion and a P/E ratio of -18,608.35.

Insider Activity

In related news, CEO Jeremy Allaire sold 1,582,160 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $46,357,288.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nikhil Chandhok sold 300,000 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $8,790,000.00. Following the transaction, the insider owned 605,580 shares in the company, valued at approximately $17,743,494. This trade represents a 33.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,682,884 shares of company stock valued at $195,808,501.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. North Star Investment Management Corp. bought a new position in Circle Internet Group in the second quarter worth approximately $34,000. Compagnie Lombard Odier SCmA bought a new position in Circle Internet Group in the second quarter worth approximately $79,000. Westbourne Investments Inc. bought a new position in Circle Internet Group in the second quarter worth approximately $204,000. Masso Torrence Wealth Management Inc. bought a new position in Circle Internet Group in the second quarter worth approximately $245,000. Finally, Brand Asset Management Group Inc. bought a new position in Circle Internet Group in the second quarter worth approximately $272,000.

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.