Circle Internet Group (NYSE:CRCL) Trading 6.4% Higher - Here's What Happened

Key Points

• Shares of Circle Internet Group rose 6.4% during trading, reaching a high of $189.92 before closing at $171.43.
• The company received multiple analyst ratings, with Citigroup issuing a "buy" rating and a price target of $243.00, while Deutsche Bank set a "hold" rating at $155.00.
• Insider trading activity included the sale of 1,300,000 shares by directors in June, valued at approximately $38 million, indicating significant insider movements within the company.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) rose 6.4% during trading on Tuesday . The company traded as high as $189.92 and last traded at $171.43. Approximately 18,897,547 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 27,952,311 shares. The stock had previously closed at $161.17.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Citigroup assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They issued a "buy" rating and a $243.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Circle Internet Group in a research report on Tuesday. They issued a "hold" rating and a $155.00 price target for the company. Canaccord Genuity Group started coverage on Circle Internet Group in a research note on Monday, June 30th. They issued a "buy" rating and a $247.00 price objective for the company. Seaport Res Ptn upgraded shares of Circle Internet Group to a "strong-buy" rating in a report on Friday, June 20th. Finally, Robert W. Baird started coverage on shares of Circle Internet Group in a research report on Friday, July 11th. They set a "neutral" rating and a $210.00 target price for the company. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $175.27.

Circle Internet Group Price Performance

The firm has a market cap of $36.84 billion and a P/E ratio of -13,081.24. The business has a fifty day moving average price of $186.13.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, insider Nikhil Chandhok sold 300,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $8,790,000.00. Following the completion of the transaction, the insider owned 605,580 shares in the company, valued at $17,743,494. This represents a 33.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Patrick Sean Neville sold 1,000,000 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $29,300,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,682,884 shares of company stock valued at $195,808,501 in the last three months.

Institutional Trading of Circle Internet Group

Hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC acquired a new stake in Circle Internet Group during the second quarter valued at approximately $530,165,000. Geode Capital Management LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $65,504,000. JPMorgan Chase & Co. acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $65,261,000. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at $61,650,000. Finally, Liberty Street Advisors Inc. acquired a new stake in Circle Internet Group during the 2nd quarter worth $52,610,000.

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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