Circle Internet Group (NYSE:CRCL) Shares Down 7.1% - Here's What Happened

Key Points

• Circle Internet Group's stock price has dropped by **7.1%**, with shares trading from a low of $154.50 to a closing price of $156.21.
• Recent analyst ratings are mixed, with one firm upgrading the stock to "strong buy," while another downgraded it to "sell," resulting in an average rating of **"Hold."**
• In insider trading news, significant shares amounting to over **6.6 million** were sold by insiders during the last quarter, indicating a notable decrease in their positions.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) were down 7.1% on Monday . The company traded as low as $154.50 and last traded at $156.21. Approximately 5,814,486 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 30,318,762 shares. The stock had previously closed at $168.10.

Wall Street Analyst Weigh In

CRCL has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued a "hold" rating and a $155.00 price objective for the company. The Goldman Sachs Group initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set a "neutral" rating and a $83.00 price target for the company. Mizuho started coverage on shares of Circle Internet Group in a report on Tuesday, July 8th. They issued an "underperform" rating and a $85.00 price target for the company. Wall Street Zen cut Circle Internet Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Finally, Barclays began coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued an "overweight" rating and a $215.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $175.27.

Circle Internet Group Stock Performance

The business has a 50 day moving average of $188.16. The stock has a market cap of $33.86 billion and a P/E ratio of -12,025.45.

Insider Buying and Selling

In related news, insider Nikhil Chandhok sold 300,000 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 605,580 shares of the company's stock, valued at approximately $17,743,494. This represents a 33.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeremy Allaire sold 1,582,160 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $46,357,288.00. The disclosure for this sale can be found here. Insiders sold a total of 6,682,884 shares of company stock worth $195,808,501 in the last ninety days.

Institutional Investors Weigh In On Circle Internet Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Circle Internet Group during the 2nd quarter worth $5,928,000. Parkside Financial Bank & Trust bought a new stake in Circle Internet Group during the second quarter valued at $132,000. Prospera Financial Services Inc bought a new position in Circle Internet Group during the 2nd quarter valued at $2,083,000. Mark Sheptoff Financial Planning LLC purchased a new position in Circle Internet Group during the second quarter worth about $63,000. Finally, Penserra Capital Management LLC bought a new position in Circle Internet Group in the second quarter worth $2,476,000.

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.