Circle Internet Group (NYSE:CRCL) Shares Gap Up - Time to Buy?

Key Points

• Circle Internet Group's stock price opened at $139.60, up from a previous close of $134.05, with a last traded price of $137.85 and a trading volume of over 4 million shares.
• Analysts have given mixed ratings on the stock, with one Strong Buy, five Buy, five Hold, and three Sell ratings, indicating an average target price of $170.91.
• Insider transactions included significant sales, with a director selling approximately 260,374 shares for over $33 million and another insider selling 50,000 shares valued at around $6.35 million.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $134.05, but opened at $139.60. Circle Internet Group shares last traded at $137.85, with a volume of 4,058,458 shares trading hands.

Analyst Ratings Changes

CRCL has been the subject of several research analyst reports. Compass Point lowered Circle Internet Group from a "neutral" rating to a "sell" rating and decreased their target price for the company from $205.00 to $130.00 in a research report on Monday, July 21st. Robert W. Baird decreased their target price on Circle Internet Group from $210.00 to $185.00 and set a "neutral" rating for the company in a research report on Wednesday, August 13th. Oppenheimer initiated coverage on Circle Internet Group in a research report on Friday. They set a "market perform" rating for the company. The Goldman Sachs Group initiated coverage on Circle Internet Group in a research report on Tuesday, August 12th. They set a "neutral" rating and a $83.00 target price for the company. Finally, Sanford C. Bernstein initiated coverage on Circle Internet Group in a research report on Monday, June 30th. They set an "outperform" rating and a $230.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $170.91.

Circle Internet Group Stock Performance

The firm has a market cap of $31.04 billion and a PE ratio of -10,690.69. The firm's 50-day moving average price is $160.45.

Insider Buying and Selling

In other Circle Internet Group news, Director Patrick Sean Neville sold 260,374 shares of Circle Internet Group stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $33,088,327.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Nikhil Chandhok sold 50,000 shares of Circle Internet Group stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $6,354,000.00. Following the completion of the transaction, the insider directly owned 530,803 shares in the company, valued at $67,454,445.24. This trade represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 831,014 shares of company stock worth $105,416,046 over the last ninety days.

Hedge Funds Weigh In On Circle Internet Group

A number of large investors have recently bought and sold shares of CRCL. General Catalyst Group Management LLC purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $3,647,694,000. Marshall Wace LLP purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $1,547,214,000. ARK Investment Management LLC purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $530,165,000. Squarepoint Ops LLC purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $72,486,000.

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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