Circle Internet Group (NYSE:CRCL) Shares Down 5.2% - Time to Sell?

Key Points

• Circle Internet Group's shares fell 5.2% to $124.75, significantly below the 50-day moving average of $150.92 and down from a previous close of $131.58.
• Analysts have mixed views on the stock, with ratings ranging from a Strong Buy to Sell, and a consensus price target of $170.91.
• Directors have sold significant holdings recently, including a transaction where Director Rajeev V. Date sold 33,400 shares valued at over $4.2 million, indicating potential insider concerns.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares dropped 5.2% on Thursday . The company traded as low as $124.30 and last traded at $124.75. Approximately 7,661,839 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 21,537,525 shares. The stock had previously closed at $131.58.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRCL. Sanford C. Bernstein assumed coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued an "outperform" rating and a $230.00 target price on the stock. Mizuho set a $85.00 target price on shares of Circle Internet Group in a report on Tuesday, August 12th. Canaccord Genuity Group restated a "buy" rating and set a $247.00 price objective on shares of Circle Internet Group in a research report on Thursday, September 11th. Oppenheimer began coverage on shares of Circle Internet Group in a report on Friday, September 12th. They issued a "market perform" rating for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of Circle Internet Group from $80.00 to $89.00 and gave the company an "underweight" rating in a report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Circle Internet Group currently has a consensus rating of "Hold" and a consensus price target of $170.91.

Circle Internet Group Price Performance

The stock has a 50-day moving average price of $150.92. The firm has a market cap of $28.62 billion and a PE ratio of -9,858.54.

Insider Activity

In other news, Director Rajeev V. Date sold 33,400 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $127.08, for a total transaction of $4,244,472.00. Following the sale, the director owned 248,663 shares in the company, valued at approximately $31,600,094.04. This represents a 11.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patrick Sean Neville sold 260,374 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $33,088,327.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 831,014 shares of company stock valued at $105,416,046.

Institutional Trading of Circle Internet Group

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.