Circle Internet Group (NYSE:CRCL) Shares Gap Up - Still a Buy?

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $200.68, but opened at $208.84. Circle Internet Group shares last traded at $202.27, with a volume of 5,350,763 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRCL. Mizuho began coverage on shares of Circle Internet Group in a research note on Tuesday. They issued an "underperform" rating and a $85.00 target price for the company. Needham & Company LLC began coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued a "buy" rating and a $250.00 target price for the company. JPMorgan Chase & Co. began coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued an "underweight" rating and a $80.00 target price for the company. Citigroup began coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued a "buy" rating and a $243.00 target price for the company. Finally, Oppenheimer began coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued a "market perform" rating for the company. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Circle Internet Group presently has an average rating of "Hold" and an average target price of $182.09.

Circle Internet Group Trading Down 8.0%

The firm has a market cap of $41.56 billion and a price-to-earnings ratio of -14,758.18.

Insider Transactions at Circle Internet Group

In other news, insider Nikhil Chandhok sold 300,000 shares of Circle Internet Group 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 $8,790,000.00. Following the completion of the sale, the insider directly owned 605,580 shares in the company, valued at approximately $17,743,494. The trade was a 33.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeremy Fox-Geen sold 200,000 shares of Circle Internet Group stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $5,860,000.00. Following the completion of the sale, the chief financial officer owned 320,371 shares of the company's stock, valued at approximately $9,386,870.30. The trade was a 38.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,682,884 shares of company stock worth $195,808,501.

Institutional Trading of Circle Internet Group

A number of institutional investors have recently modified their holdings of the stock. Exchange Traded Concepts LLC bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at $18,397,000. Wealth Enhancement Advisory Services LLC bought a new position in Circle Internet Group in the second quarter valued at approximately $673,000. Baader Bank Aktiengesellschaft bought a new position in Circle Internet Group in the second quarter valued at approximately $1,083,000. Westbourne Investments Inc. bought a new position in Circle Internet Group in the second quarter valued at approximately $204,000. Finally, Brand Asset Management Group Inc. bought a new position in Circle Internet Group in the second quarter valued at approximately $272,000.

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.