Circle Internet Group (NYSE:CRCL) Shares Down 7.8% - Time to Sell?

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price fell 7.8% during mid-day trading on Tuesday . The stock traded as low as $196.45 and last traded at $199.19. 9,418,695 shares were traded during mid-day trading, a decline of 74% from the average session volume of 36,245,574 shares. The stock had previously closed at $216.10.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Citigroup initiated coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued a "buy" rating and a $243.00 price objective on the stock. Seaport Res Ptn upgraded shares of Circle Internet Group to a "strong-buy" rating in a research note on Friday, June 20th. Mizuho started coverage on shares of Circle Internet Group in a research note on Tuesday, July 8th. They set an "underperform" rating and a $85.00 price objective on the stock. Compass Point lowered shares of Circle Internet Group from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $205.00 to $130.00 in a research note on Monday. Finally, Canaccord Genuity Group started coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They set a "buy" rating and a $247.00 price objective on the stock. Four analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $175.27.

Circle Internet Group Stock Performance

The firm has a market capitalization of $44.09 billion and a P/E ratio of -15,658.29.

Insider Activity at Circle Internet Group

In other news, insider Nikhil Chandhok sold 300,000 shares of the company'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 $8,790,000.00. Following the sale, the insider directly owned 605,580 shares of the company's stock, valued at $17,743,494. This represents a 33.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick Sean Neville sold 1,000,000 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $29,300,000.00. The disclosure for this sale can be found here. Insiders have sold 6,682,884 shares of company stock valued at $195,808,501 in the last quarter.

Hedge Funds Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently bought and sold shares of CRCL. Wealth Enhancement Advisory Services LLC bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $673,000. PFG Investments LLC bought a new stake in shares of Circle Internet Group during the second quarter valued at approximately $579,000. EWA LLC bought a new stake in shares of Circle Internet Group during the second quarter valued at approximately $279,000. Covenant Asset Management LLC bought a new stake in shares of Circle Internet Group during the second quarter valued at approximately $363,000. Finally, KG&L Capital Management LLC bought a new stake in Circle Internet Group in the second quarter worth $528,000.

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.

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