Circle Internet Group (NYSE:CRCL) Shares Gap Down - Should You Sell?

Key Points

• Shares gapped down — CRCL closed at $72.74, opened at $69.14 and last traded around $68.49 (down ~4.7%) on volume of about 3.54 million shares.
• Quarterly results beat — Circle reported EPS of $0.64 vs. $0.20 expected and revenue of $739.8 million, up 65.9% year-over-year.
• Mixed analyst view and heavy insider selling — the consensus rating is "Hold" with an average price target of $150.33 (2 Strong Buy, 8 Buy, 9 Hold, 3 Sell), while insiders have sold 404,208 shares (~$34.9M) in the past 90 days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $72.74, but opened at $69.14. Circle Internet Group shares last traded at $68.4890, with a volume of 3,539,911 shares.

Analyst Ratings Changes

A number of research firms have issued reports on CRCL. JMP Securities began coverage on shares of Circle Internet Group in a report on Tuesday, September 30th. They set a "market perform" rating on the stock. JPMorgan Chase & Co. raised shares of Circle Internet Group from an "underweight" rating to an "overweight" rating and raised their price target for the company from $94.00 to $100.00 in a research report on Thursday, November 13th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $247.00 price objective on shares of Circle Internet Group in a research report on Thursday, September 11th. Robert W. Baird decreased their price objective on shares of Circle Internet Group from $144.00 to $110.00 and set a "neutral" rating for the company in a research note on Thursday, November 13th. Finally, Rothschild Redb upgraded Circle Internet Group to a "hold" rating in a research note on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $150.33.

Circle Internet Group Trading Down 4.7%

The stock has a fifty day moving average of $120.73.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.44. The company had revenue of $739.76 million for the quarter. The company's quarterly revenue was up 65.9% on a year-over-year basis.

Insider Buying and Selling

In other news, CFO Jeremy Fox-Geen sold 33,608 shares of the stock in a transaction dated 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 sale, the chief financial officer directly owned 297,823 shares of the company's stock, valued at approximately $36,170,603.35. This represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Patrick Sean Neville sold 33,569 shares of the business's stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $85.05, for a total transaction of $2,855,043.45. Following the transaction, the director directly owned 33,568 shares of the company's stock, valued at approximately $2,854,958.40. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 404,208 shares of company stock valued at $34,921,251.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently made changes to their positions in CRCL. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group in the 2nd quarter worth about $27,000. PNC Financial Services Group Inc. grew its holdings in shares of Circle Internet Group by 14.9% during the third quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company's stock worth $154,000 after purchasing an additional 151 shares in the last quarter. North Star Investment Management Corp. bought a new position in shares of Circle Internet Group in the second quarter worth approximately $34,000. Larson Financial Group LLC raised its stake in Circle Internet Group by 3,800.0% in the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. Finally, Hennessy Advisors Inc. bought a new stake in Circle Internet Group during the second quarter valued at approximately $36,000.

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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