Circle Internet Group (NYSE:CRCL) Shares Up 9.9% Following Analyst Upgrade

Key Points

• Circle Internet Group's stock surged 9.9% after JPMorgan Chase raised its price target from $89 to $93, despite maintaining an underweight rating.
• The company reported a loss of ($4.48) EPS for the last quarter, falling short of analyst expectations, but achieved a revenue increase of 53% year-over-year.
• Insider Nikhil Chandhok sold 50,000 shares at an average price of $127.08, reflecting a significant transaction totaling over $6.35 million.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shot up 9.9% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $89.00 to $93.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Circle Internet Group traded as high as $142.68 and last traded at $142.65. 10,622,138 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 19,228,568 shares. The stock had previously closed at $129.86.

CRCL has been the subject of several other reports. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Circle Internet Group in a research note on Wednesday, October 8th. Citigroup started coverage on shares of Circle Internet Group in a research report on Tuesday, September 30th. They set a "market perform" rating for the company. Citizens Jmp started coverage on shares of Circle Internet Group in a research report on Tuesday, September 30th. They set a "market perform" rating for the company. Wall Street Zen downgraded shares of Circle Internet Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Finally, Redburn Partners set a $136.00 target price on shares of Circle Internet Group in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, Circle Internet Group currently has an average rating of "Hold" and a consensus price target of $165.43.

Insider Activity at Circle Internet Group

In related news, insider Nikhil Chandhok sold 50,000 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $6,354,000.00. Following the sale, the insider owned 530,803 shares of the company's stock, valued at $67,454,445.24. This represents 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 available through this link. Also, CAO Tamara L. Schulz sold 836 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $106,238.88. Following the sale, the chief accounting officer directly owned 93,609 shares in the company, valued at approximately $11,895,831.72. The trade was a 0.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 831,014 shares of company stock valued at $105,416,046 over the last quarter.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRCL. General Catalyst Group Management LLC purchased a new stake in shares of Circle Internet Group during the second quarter valued at about $3,647,694,000. Marshall Wace LLP purchased a new stake in shares of Circle Internet Group during the second quarter valued at about $1,547,214,000. ARK Investment Management LLC purchased a new stake in shares of Circle Internet Group during the second quarter valued at about $530,165,000. Squarepoint Ops LLC purchased a new stake in shares of Circle Internet Group during the second quarter valued at about $73,101,000. Finally, Nikko Asset Management Americas Inc. purchased a new stake in shares of Circle Internet Group during the second quarter valued at about $72,486,000.

Circle Internet Group Stock Up 10.0%

The stock has a market capitalization of $32.78 billion and a price-to-earnings ratio of -11,315.47. The firm's 50-day moving average price is $132.31.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($4.48) EPS for the quarter, missing the consensus estimate of $0.34 by ($4.82). The company had revenue of $658.08 million for the quarter, compared to analysts' expectations of $645.35 million. The firm's revenue for the quarter was up 53.0% compared to the same quarter last year.

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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