Circle Internet Group (NYSE:CRCL) Stock Price Up 1.2% - Here's What Happened

Key Points

• Circle Internet Group shares rose 1.2% during mid-day trading, reaching a high of $124.98 before closing at $119.39, despite a significant decline in trading volume.
• Various brokerages have updated their price targets for CRCL, with JPMorgan Chase raising theirs to $89 and Barclays giving an "overweight" rating with a $215 target.
• Insider trading revealed that CAO Tamara L. Schulz and CFO Jeremy Fox-Geen sold significant shares, resulting in a total of 831,014 shares sold by insiders worth over $105 million in the last 90 days.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) traded up 1.2% on Wednesday . The company traded as high as $124.98 and last traded at $119.39. 4,832,139 shares were traded during mid-day trading, a decline of 79% from the average session volume of 22,756,473 shares. The stock had previously closed at $117.99.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Mizuho set a $85.00 target price on Circle Internet Group in a report on Tuesday, August 12th. Canaccord Genuity Group reiterated a "buy" rating and issued a $247.00 target price on shares of Circle Internet Group in a report on Thursday. Baird R W upgraded Circle Internet Group to a "hold" rating in a report on Friday, July 11th. Citigroup started coverage on Circle Internet Group in a report on Monday, June 30th. They set a "buy" rating and a $243.00 price objective for the company. Finally, Robert W. Baird decreased their price objective on Circle Internet Group from $210.00 to $185.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Circle Internet Group currently has an average rating of "Hold" and a consensus price target of $170.91.

Circle Internet Group Stock Performance

The company has a market capitalization of $29.87 billion and a P/E ratio of -10,290.03. The firm's 50-day moving average is $163.20.

Insiders Place Their Bets

In other Circle Internet Group news, insider Nikhil Chandhok sold 50,000 shares of the business's stock in a transaction 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 transaction, the insider owned 530,803 shares of the company's stock, valued at approximately $67,454,445.24. The trade was a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeremy Fox-Geen sold 33,608 shares of the business's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total value of $4,081,691.60. Following the completion of the transaction, the chief financial officer directly owned 297,823 shares in the company, valued at approximately $36,170,603.35. This represents a 10.14% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 831,014 shares of company stock valued at $105,416,046.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRCL. Brand Asset Management Group Inc. purchased a new position in Circle Internet Group in the second quarter worth $272,000. Westbourne Investments Inc. purchased a new position in shares of Circle Internet Group during the 2nd quarter valued at $204,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Circle Internet Group during the 2nd quarter valued at $1,083,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Circle Internet Group during the 2nd quarter valued at $673,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Circle Internet Group during the 2nd quarter valued at $18,397,000.

About Circle Internet Group

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.