Circle Internet Group (NYSE:CRCL) Coverage Initiated at Wells Fargo & Company

Key Points

• Wells Fargo upgraded Circle Internet Group to a "strong-buy" rating, highlighting positive investor sentiment towards the stock.
• The company's quarterly earnings report revealed a loss of ($4.48) EPS, significantly missing estimates, though revenue increased by 53% year-over-year.
• In the last three months, insiders have sold over $105 million worth of Circle's stock, indicating potential concerns or profit-taking among company leadership.

Equities researchers at Wells Fargo & Company began coverage on shares of Circle Internet Group (NYSE:CRCL - Get Free Report) in a research report issued on Tuesday, Marketbeat reports. The firm set an "overweight" rating on the stock.

A number of other research analysts have also weighed in on the company. Barclays initiated coverage on Circle Internet Group in a research note on Monday, June 30th. They set an "overweight" rating and a $215.00 price target on the stock. Redburn Partners set a $136.00 target price on shares of Circle Internet Group in a research report on Friday, October 3rd. Compass Point cut shares of Circle Internet Group from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $205.00 to $130.00 in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Circle Internet Group from $163.00 to $123.00 and set a "hold" rating on the stock in a research report on Wednesday, August 20th. Finally, Citigroup assumed coverage on shares of Circle Internet Group in a research note on Tuesday, September 30th. They set a "market perform" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have given a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $165.14.

Circle Internet Group Trading Down 3.9%

Shares of NYSE CRCL opened at $124.73 on Tuesday. The stock has a market capitalization of $28.62 billion and a P/E ratio of -9,856.73. Circle Internet Group has a 12 month low of $64.00 and a 12 month high of $298.99. The business's 50-day moving average price is $132.51.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported ($4.48) earnings per share (EPS) 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 analysts' expectations of $645.35 million. The company's revenue for the quarter was up 53.0% on a year-over-year basis.

Insiders Place Their Bets

In related news, CEO Jeremy Allaire sold 357,812 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $45,470,748.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rajeev V. Date sold 33,400 shares of the stock in a transaction 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 sale, the director directly owned 248,663 shares of the company's stock, valued at $31,600,094.04. The trade was a 11.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 831,014 shares of company stock worth $105,416,046.

Institutional Trading of Circle Internet Group

A number of institutional investors have recently added to or reduced their stakes in the business. Rheos Capital Works Inc. boosted its position in Circle Internet Group by 20.8% during the 3rd quarter. Rheos Capital Works Inc. now owns 302,000 shares of the company's stock worth $40,039,000 after purchasing an additional 52,000 shares during the period. CoreCap Advisors LLC lifted its stake in shares of Circle Internet Group by 2,300.0% during the third quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock worth $48,000 after purchasing an additional 345 shares in the last quarter. North Star Investment Management Corp. lifted its stake in shares of Circle Internet Group by 152.6% during the third quarter. North Star Investment Management Corp. now owns 480 shares of the company's stock worth $64,000 after purchasing an additional 290 shares in the last quarter. Global Retirement Partners LLC lifted its stake in shares of Circle Internet Group by 10,333.3% during the third quarter. Global Retirement Partners LLC now owns 2,191 shares of the company's stock worth $290,000 after purchasing an additional 2,170 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in shares of Circle Internet Group during the 3rd quarter valued at about $1,525,000.

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.