Circle Internet Group (NYSE:CRCL) Shares Up 4.3% - Here's Why

Key Points

• Circle Internet Group's shares saw a 4.3% increase, trading at $159.49 after closing at $152.93.
• Analysts have mixed ratings on CRCL, with four sell ratings, five hold ratings, five buy ratings, and one strong buy rating, alongside target prices ranging from $80.00 to $215.00.
• Insiders sold approximately 6.7 million shares totaling around $195.8 million in the last quarter, indicating a significant decrease in their positions.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) were up 4.3% during trading on Friday . The stock traded as high as $163.22 and last traded at $159.49. Approximately 4,768,275 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 28,418,307 shares. The stock had previously closed at $152.93.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRCL. Robert W. Baird began coverage on shares of Circle Internet Group in a research note on Friday, July 11th. They issued a "neutral" rating and a $210.00 target price on the stock. Compass Point cut Circle Internet Group from a "neutral" rating to a "sell" rating and reduced their target price for the company from $205.00 to $130.00 in a research note on Monday, July 21st. Barclays assumed coverage on Circle Internet Group in a report on Monday, June 30th. They set an "overweight" rating and a $215.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued an "underweight" rating and a $80.00 price objective for the company. Finally, Wall Street Zen lowered Circle Internet Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $175.27.

Circle Internet Group Stock Up 3.8%

The business has a fifty day moving average price of $187.32. The stock has a market cap of $35.32 billion and a price-to-earnings ratio of -12,542.28.

Insiders Place Their Bets

In other news, Director Patrick Sean Neville sold 1,000,000 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $29,300,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nikhil Chandhok sold 300,000 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $8,790,000.00. Following the transaction, the insider directly owned 605,580 shares in the company, valued at $17,743,494. This trade represents a 33.13% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,682,884 shares of company stock worth $195,808,501.

Institutional Investors Weigh In On Circle Internet Group

A number of hedge funds and other institutional investors have recently modified their holdings of CRCL. ARK Investment Management LLC purchased a new position in Circle Internet Group in the second quarter worth $530,165,000. Geode Capital Management LLC purchased a new position in Circle Internet Group in the second quarter valued at about $65,504,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in Circle Internet Group in the 2nd quarter worth approximately $61,650,000. Liberty Street Advisors Inc. purchased a new stake in shares of Circle Internet Group during the second quarter worth about $52,610,000. Finally, Rheos Capital Works Inc. bought a new stake in shares of Circle Internet Group in the second quarter worth $45,323,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.