Circle Internet Group (NYSE:CRCL) Shares Down 5.7% - Here's What Happened

Key Points

• Circle Internet Group shares fell by 5.7%, closing at $126.10, significantly lower than the prior closing price of $133.70, with trading volume declining by 59% from the average.
• Analysts have varied opinions on the stock, with price targets ranging from $85.00 to $250.00, and the consensus rating is currently a "Hold" with an average target price of $170.91.
• Insider activity shows notable selling, with CFO Jeremy Fox-Geen selling over 33,000 shares, leading to a 10.14% decrease in his position, while a total of 831,014 shares were sold by insiders in the past ninety days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares traded down 5.7% during mid-day trading on Friday . The stock traded as low as $126.03 and last traded at $126.10. 9,197,020 shares changed hands during trading, a decline of 59% from the average session volume of 22,636,248 shares. The stock had previously closed at $133.70.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Circle Internet Group from $163.00 to $123.00 and set a "hold" rating on the stock in a report on Wednesday, August 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $250.00 target price on shares of Circle Internet Group in a research note on Monday. Mizuho set a $85.00 target price on shares of Circle Internet Group in a report on Tuesday, August 12th. Wall Street Zen downgraded shares of Circle Internet Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Circle Internet Group from $80.00 to $89.00 and gave the stock an "underweight" rating in a research note on Tuesday, August 19th. One investment 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 given a Sell rating to the company. According to data from MarketBeat, Circle Internet Group currently has a consensus rating of "Hold" and an average target price of $170.91.

Circle Internet Group Stock Down 6.1%

The firm has a market capitalization of $28.80 billion and a price-to-earnings ratio of -9,920.18. The firm's fifty day simple moving average is $163.20.

Insider Buying and Selling

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 33,608 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total value of $4,081,691.60. Following the transaction, the chief financial officer directly owned 297,823 shares of the company's stock, valued at approximately $36,170,603.35. The trade was a 10.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Patrick Sean Neville sold 260,374 shares of the business's stock in a transaction on Monday, August 18th. The stock was 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 sold a total of 831,014 shares of company stock worth $105,416,046 in the last ninety days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new position in Circle Internet Group in the 2nd quarter valued at about $673,000. PFG Investments LLC acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $579,000. EWA LLC acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $279,000. Covenant Asset Management LLC acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $363,000. Finally, KG&L Capital Management LLC purchased a new position in Circle Internet Group in the 2nd quarter worth approximately $528,000.

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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