Circle Internet Group (NYSE:CRCL) Stock Price Down 5% - Here's What Happened

Key Points

• Circle Internet Group's stock price declined by 5% on Tuesday, trading at $130.81 after reaching a low of $130.70.
• Research analysts have mixed ratings for Circle Internet Group, with one rating as "Strong Buy" and an average target price of $170.91.
• Insiders have sold over 831,000 shares of Circle Internet Group's stock valued at more than $105 million in the last 90 days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) dropped 5% during mid-day trading on Tuesday . The stock traded as low as $130.70 and last traded at $130.81. Approximately 8,730,606 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 21,884,451 shares. The stock had previously closed at $137.64.

Analyst Upgrades and Downgrades

CRCL has been the subject of several research analyst reports. Sanford C. Bernstein initiated coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued an "outperform" rating and a $230.00 price objective for the company. Canaccord Genuity Group reiterated a "buy" rating and issued a $247.00 price objective on shares of Circle Internet Group in a research note on Thursday, September 11th. Barclays started coverage on Circle Internet Group in a research note on Monday, June 30th. They issued an "overweight" rating and a $215.00 price objective for the company. Oppenheimer began coverage on Circle Internet Group in a research note on Friday, September 12th. They issued a "market perform" rating for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $250.00 price target on shares of Circle Internet Group in a report on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $170.91.

Circle Internet Group Stock Down 5.0%

The stock has a 50-day simple moving average of $154.21. The stock has a market cap of $30.01 billion and a P/E ratio of -10,337.44.

Insider Activity at Circle Internet Group

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 transaction of $6,354,000.00. Following the sale, the insider directly owned 530,803 shares in the company, 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 can be accessed through this link. Also, CAO Tamara L. Schulz sold 836 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 $106,238.88. Following the sale, the chief accounting officer owned 93,609 shares in the company, valued at approximately $11,895,831.72. The trade was a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 831,014 shares of company stock valued at $105,416,046 in the last 90 days.

Hedge Funds Weigh In On Circle Internet Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Infini Capital Management Ltd acquired a new stake in Circle Internet Group during the second quarter worth approximately $1,124,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Circle Internet Group in the second quarter valued at $725,000. Claris Financial LLC purchased a new position in Circle Internet Group during the second quarter worth about $749,000. Newbridge Financial Services Group Inc. purchased a new position in Circle Internet Group during the second quarter worth about $1,953,000. Finally, Marex Group plc purchased a new position in Circle Internet Group during the second quarter worth about $3,321,000.

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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