Circle Internet Group (NYSE:CRCL) Shares Down 1.6% - Should You Sell?

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s share price dropped 1.6% during trading on Wednesday . The company traded as low as $201.50 and last traded at $201.53. Approximately 9,439,728 shares were traded during trading, a decline of 77% from the average daily volume of 41,371,730 shares. The stock had previously closed at $204.81.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CRCL. JPMorgan Chase & Co. initiated coverage on Circle Internet Group in a report on Monday, June 30th. They issued an "underweight" rating and a $80.00 price target for the company. Barclays started coverage on Circle Internet Group in a research report on Monday, June 30th. They set an "overweight" rating and a $215.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set a "hold" rating and a $155.00 price objective on the stock. Canaccord Genuity Group began coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They issued a "buy" rating and a $247.00 price objective on the stock. Finally, Wall Street Zen cut shares of Circle Internet Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $179.30.

Circle Internet Group Trading Up 0.6%

The firm has a market cap of $44.94 billion and a price-to-earnings ratio of -15,960.17.

Insiders Place Their Bets

In other Circle Internet Group news, CEO Jeremy Allaire sold 1,582,160 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $46,357,288.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nikhil Chandhok sold 300,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider owned 605,580 shares in the company, valued at approximately $17,743,494. This trade represents a 33.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,682,884 shares of company stock worth $195,808,501.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Westbourne Investments Inc. purchased a new position in Circle Internet Group in the 2nd quarter valued at about $204,000. Brand Asset Management Group Inc. purchased a new position in Circle Internet Group in the second quarter valued at about $272,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Circle Internet Group during the 2nd quarter valued at approximately $673,000. Baader Bank Aktiengesellschaft acquired a new stake in Circle Internet Group during the 2nd quarter valued at approximately $1,083,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Circle Internet Group during the 2nd quarter worth approximately $18,397,000.

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.