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

Key Points

• Circle Internet Group shares gapped down before market opening, starting at $156.64 from a previous close of $163.21, reflecting a current trading value around $159.86.
• Analysts have mixed ratings on the stock, with a consensus average rating of "Hold" and an average price target of $173.00, while some have issued sell ratings with significant target price reductions.
• Insider trading activity included the CFO selling 200,000 shares for approximately $5.86 million, and other major shareholders sold over 6.6 million shares recently, raising concerns about insider sentiment.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $163.21, but opened at $156.64. Circle Internet Group shares last traded at $159.86, with a volume of 6,961,349 shares traded.

Analyst Upgrades and Downgrades

CRCL has been the topic of a number of recent analyst reports. Compass Point lowered Circle Internet Group from a "neutral" rating to a "sell" rating and cut their target price for the stock from $205.00 to $130.00 in a research report on Monday, July 21st. Sanford C. Bernstein began coverage on Circle Internet Group in a research report on Monday, June 30th. They set an "outperform" rating and a $230.00 price target on the stock. Canaccord Genuity Group began coverage on Circle Internet Group in a research report on Monday, June 30th. They set a "buy" rating and a $247.00 price target on the stock. Citigroup initiated coverage on Circle Internet Group in a research report on Monday, June 30th. They set a "buy" rating and a $243.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Circle Internet Group in a research note on Tuesday. They issued a "hold" rating and a $155.00 target price on the stock. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $173.00.

Circle Internet Group Stock Performance

The business's 50 day moving average is $183.28. The firm has a market cap of $33.24 billion and a PE ratio of -11,804.96.

Insider Activity

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 200,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $5,860,000.00. Following the completion of the transaction, the chief financial officer owned 320,371 shares of the company's stock, valued at $9,386,870.30. This represents a 38.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeremy Allaire sold 1,582,160 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $46,357,288.00. The disclosure for this sale can be found here. Insiders have sold 6,682,884 shares of company stock worth $195,808,501 over the last 90 days.

Hedge Funds Weigh In On Circle Internet Group

Several large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter worth approximately $673,000. PFG Investments LLC bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $579,000. EWA LLC bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $279,000. Covenant Asset Management LLC bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $363,000. Finally, KG&L Capital Management LLC bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $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.