Circle Internet Group (NYSE:CRCL) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised its target price for Circle to $94 from $93 but kept an underweight rating, implying about a 6.2% downside from the stock's current level.
• The analyst consensus is a Hold with an average price target of $164.47, reflecting wide analyst views (1 Strong Buy, 7 Buy, 10 Hold, 4 Sell).
• Circle recently reported a heavy EPS miss (loss of $4.48 vs. $0.34 expected) despite 53% year-over-year revenue growth, and insiders sold roughly 831,014 shares (~$105.4M) over the last quarter.

Circle Internet Group (NYSE:CRCL - Get Free Report) had its target price hoisted by research analysts at JPMorgan Chase & Co. from $93.00 to $94.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential downside of 6.19% from the company's current price.

Several other equities research analysts have also commented on the stock. Rothschild Redb upgraded shares of Circle Internet Group to a "hold" rating in a research note on Friday, October 3rd. Monness Crespi & Hardt started coverage on Circle Internet Group in a report on Monday. They issued a "buy" rating and a $150.00 price objective for the company. Redburn Partners set a $136.00 target price on Circle Internet Group in a research note on Friday, October 3rd. Wells Fargo & Company began coverage on Circle Internet Group in a research report on Tuesday, October 21st. They set an "overweight" rating and a $160.00 price target for the company. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Circle Internet Group in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued 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.com, the company has a consensus rating of "Hold" and an average price target of $164.47.

Circle Internet Group Stock Performance

CRCL stock traded down $3.90 during mid-day trading on Tuesday, reaching $100.20. The company had a trading volume of 2,663,903 shares, compared to its average volume of 18,091,305. Circle Internet Group has a one year low of $64.00 and a one year high of $298.99. The business has a 50-day moving average price of $129.25.

Circle Internet Group (NYSE:CRCL - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($4.48) earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($4.82). The company had revenue of $658.08 million for the quarter, compared to analyst estimates of $645.35 million. The business's revenue was up 53.0% on a year-over-year basis.

Insider Activity

In other news, insider Nikhil Chandhok sold 50,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider owned 530,803 shares in the company, valued at approximately $67,454,445.24. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rajeev V. Date sold 33,400 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 transaction of $4,244,472.00. Following the completion of the transaction, the director directly owned 248,663 shares in the company, valued at $31,600,094.04. This represents a 11.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 831,014 shares of company stock valued at $105,416,046 over the last quarter.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group during the 2nd quarter worth $27,000. PNC Financial Services Group Inc. raised its position in shares of Circle Internet Group by 14.9% during the third quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company's stock worth $154,000 after purchasing an additional 151 shares during the period. North Star Investment Management Corp. purchased a new stake in shares of Circle Internet Group during the second quarter valued at $34,000. Hennessy Advisors Inc. acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $36,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Circle Internet Group in the 3rd quarter valued at $27,000.

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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