Circle Internet Group (NYSE:CRCL) Stock Price Up 7% - Here's What Happened

Key Points

• Circle Internet Group's stock price increased by 7% to $138.06 on Thursday, though the trading volume was significantly lower than average at approximately 4.3 million shares.
• Recent analyst reports indicate a consensus rating of "Hold" with varying price targets, including a downgrade from $210.00 to $185.00 by Robert W. Baird.
• Insider selling has occurred recently, with notable transactions including the sale of 50,000 shares by Nikhil Chandhok, which decreased insider ownership by 8.61%.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) rose 7% during trading on Thursday . The company traded as high as $137.70 and last traded at $138.06. Approximately 4,333,588 shares changed hands during trading, a decline of 79% from the average daily volume of 20,674,303 shares. The stock had previously closed at $129.03.

Wall Street Analyst Weigh In

CRCL has been the topic of a number of analyst reports. Robert W. Baird lowered their price objective on Circle Internet Group from $210.00 to $185.00 and set a "neutral" rating on the stock in a report on Wednesday, August 13th. JMP Securities initiated coverage on Circle Internet Group in a report on Tuesday. They set a "market perform" rating on the stock. Oppenheimer initiated coverage on Circle Internet Group in a report on Friday, September 12th. They set a "market perform" rating on the stock. Canaccord Genuity Group reissued a "buy" rating and set a $247.00 price objective on shares of Circle Internet Group in a report on Thursday, September 11th. Finally, The Goldman Sachs Group started coverage on Circle Internet Group in a report on Tuesday, August 12th. They issued a "neutral" rating and a $83.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $170.91.

Circle Internet Group Price Performance

The stock's fifty day simple moving average is $142.33. The firm has a market capitalization of $33.92 billion and a PE ratio of -11,674.25.

Insider Activity

In related news, insider Nikhil Chandhok sold 50,000 shares of the firm'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 completion of the sale, the insider directly owned 530,803 shares of the company's stock, valued at $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 available at this hyperlink. Also, CFO Jeremy Fox-Geen sold 33,608 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total value of $4,081,691.60. Following the sale, the chief financial officer directly owned 297,823 shares of the company's stock, valued at $36,170,603.35. This represents a 10.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 831,014 shares of company stock worth $105,416,046.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors 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 second quarter valued at about $27,000. North Star Investment Management Corp. bought a new stake in Circle Internet Group during the second quarter worth about $34,000. Hennessy Advisors Inc. bought a new stake in Circle Internet Group during the second quarter worth about $36,000. Allworth Financial LP bought a new stake in Circle Internet Group during the second quarter worth about $37,000. Finally, Chilton Capital Management LLC bought a new stake in Circle Internet Group during the second quarter worth 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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