Circle Internet Group (NYSE:CRCL) Trading Down 3.9% - Should You Sell?

Key Points

• Circle Internet Group shares experienced a decline of 3.9%, closing at $136.10 after trading as low as $135.31, with a notable drop in trading volume.
• Several analysts have recently downgraded Circle Internet Group, with Compass Point lowering their rating from "neutral" to "sell" and reducing the price target from $205.00 to $130.00.
• Insider selling was significant, with CEO Jeremy Allaire selling over 1.5 million shares, amounting to more than $46 million, raising concerns among investors.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) fell 3.9% during trading on Tuesday . The company traded as low as $135.31 and last traded at $136.10. 3,618,863 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 26,873,023 shares. The stock had previously closed at $141.58.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Seaport Res Ptn raised shares of Circle Internet Group to a "strong-buy" rating in a report on Friday, June 20th. Mizuho set a $85.00 price objective on Circle Internet Group in a research note on Tuesday, August 12th. Wall Street Zen cut Circle Internet Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. The Goldman Sachs Group initiated coverage on Circle Internet Group in a research note on Tuesday, August 12th. They set a "neutral" rating and a $83.00 price target for the company. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $247.00 price objective on shares of Circle Internet Group in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Circle Internet Group currently has a consensus rating of "Hold" and an average target price of $170.91.

Circle Internet Group Price Performance

The firm has a market capitalization of $30.00 billion and a price-to-earnings ratio of -10,651.97. The firm's fifty day moving average is $183.95.

Insider Buying and Selling

In other news, CAO Tamara L. Schulz sold 836 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $106,238.88. Following the completion of the transaction, the chief accounting officer owned 93,609 shares in the company, valued at $11,895,831.72. This trade represents a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Patrick Sean Neville sold 260,374 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $33,088,327.92. The disclosure for this sale can be found here. Insiders have sold 7,480,290 shares of company stock valued at $297,142,856 in the last quarter.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter valued at approximately $27,000. North Star Investment Management Corp. purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $34,000. Hennessy Advisors Inc. acquired a new position in Circle Internet Group during the second quarter worth $36,000. Allworth Financial LP purchased a new stake in Circle Internet Group during the second quarter worth $37,000. Finally, Chilton Capital Management LLC acquired a new stake in Circle Internet Group in the second quarter valued at $40,000.

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.