Circle Internet Group (NYSE:CRCL) Shares Gap Down - What's Next?

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 $216.10, but opened at $207.55. Circle Internet Group shares last traded at $199.50, with a volume of 6,145,465 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Circle Internet Group in a research note on Monday, June 30th. They issued a "hold" rating and a $155.00 price objective on the stock. Oppenheimer initiated coverage on Circle Internet Group in a report on Monday, June 30th. They issued a "market perform" rating for the company. Seaport Res Ptn raised Circle Internet Group to a "strong-buy" rating in a report on Friday, June 20th. Canaccord Genuity Group started coverage on Circle Internet Group in a report on Monday, June 30th. They issued a "buy" rating and a $247.00 price objective for the company. Finally, The Goldman Sachs Group assumed coverage on Circle Internet Group in a report on Monday, June 30th. They set a "neutral" rating and a $83.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Circle Internet Group currently has an average rating of "Hold" and an average price target of $175.27.

Circle Internet Group Price Performance

The firm has a market capitalization of $43.82 billion and a P/E ratio of -15,562.67.

Insider Activity at Circle Internet Group

In other news, CEO Jeremy Allaire sold 1,582,160 shares of the business'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 $46,357,288.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Catalyst Group Vi L.P General sold 3,550,724 shares of the business'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 $104,036,213.20. Following the completion of the sale, the insider directly owned 20,120,769 shares in the company, valued at approximately $589,538,531.70. This represents a 15.00% decrease in their ownership of the stock. 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

A number of institutional investors and hedge funds have recently modified their holdings of the company. Exchange Traded Concepts LLC purchased a new stake in Circle Internet Group during the second quarter valued at approximately $18,397,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Circle Internet Group in the second quarter worth approximately $5,330,000. Baader Bank Aktiengesellschaft bought a new position in Circle Internet Group in the second quarter worth approximately $1,083,000. Wealth Enhancement Advisory Services LLC bought a new position in Circle Internet Group in the second quarter worth approximately $673,000. Finally, PFG Investments LLC bought a new stake in Circle Internet Group during the 2nd quarter valued at $579,000.

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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