Circle Internet Group (NYSE:CRCL) Stock Price Down 1.2% - What's Next?

Key Points

• Circle Internet Group's stock (CRCL) fell 1.2% on Friday, closing at $129.34 after reaching a low of $129.00, with volume declining significantly to 2,810,600 shares, representing an 88% drop from its average daily volume.
• Analysts have varied opinions on CRCL, with JPMorgan adjusting its price target to $89.00 while Citigroup set a target as high as $243.00, resulting in an average price target of $170.91 and an overall "Hold" rating.
• Insider trading activity saw significant sales, including one director selling 260,374 shares for approximately $33 million, reflecting a broader trend of insiders offloading a total of 7.48 million shares valued at nearly $297 million over the last quarter.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) dropped 1.2% on Friday . The company traded as low as $129.00 and last traded at $129.34. Approximately 2,810,600 shares changed hands during trading, a decline of 88% from the average daily volume of 24,353,350 shares. The stock had previously closed at $130.94.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Circle Internet Group from $80.00 to $89.00 and gave the stock an "underweight" rating in a research note on Tuesday, August 19th. Citigroup began coverage on Circle Internet Group in a research note on Monday, June 30th. They set a "buy" rating and a $243.00 price target for the company. The Goldman Sachs Group began coverage on Circle Internet Group in a research note on Tuesday, August 12th. They set a "neutral" rating and a $83.00 price objective on the stock. Baird R W raised Circle Internet Group to a "hold" rating in a research note on Friday, July 11th. Finally, Wall Street Zen lowered Circle Internet Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $170.91.

Circle Internet Group Price Performance

The firm has a fifty day moving average price of $180.21. The stock has a market cap of $30.69 billion and a P/E ratio of -10,570.57.

Insider Activity

In other news, Director Danita K. Ostling sold 1,290 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 $163,933.20. Following the completion of the transaction, the director owned 28,952 shares in the company, valued at approximately $3,679,220.16. This trade represents a 4.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold 7,480,290 shares of company stock worth $297,142,856 over the last quarter.

Institutional Trading of Circle Internet Group

Several hedge funds have recently added to or reduced their stakes in CRCL. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group in the 2nd quarter worth $27,000. North Star Investment Management Corp. purchased a new position in shares of Circle Internet Group during the second quarter valued at $34,000. Hennessy Advisors Inc. purchased a new position in shares of Circle Internet Group during the second quarter valued at $36,000. Allworth Financial LP purchased a new position in Circle Internet Group in the second quarter valued at about $37,000. Finally, Chilton Capital Management LLC purchased a new position in Circle Internet Group in the second quarter valued at about $40,000.

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.

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