Circle Internet Group (NYSE:CRCL) Trading 7.6% Higher - What's Next?

Key Points

• Shares of Circle Internet Group traded up by 7.6% on Wednesday, reaching a high of $145.12 before closing at $145.09.
• The stock currently has a consensus rating of "Hold" with various analysts setting target prices ranging from $85.00 to $243.00.
• Insider trading activity included the CFO selling over 33,000 shares at an average price of $121.45, marking a significant decrease in their position by 10.14%.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) traded up 7.6% during trading on Wednesday . The stock traded as high as $145.12 and last traded at $145.09. 3,488,956 shares traded hands during trading, a decline of 84% from the average session volume of 22,161,660 shares. The stock had previously closed at $134.81.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Seaport Res Ptn raised shares of Circle Internet Group to a "strong-buy" rating in a research note on Friday, June 20th. Citigroup started coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They set a "buy" rating and a $243.00 price target on the stock. Mizuho set a $85.00 target price on shares of Circle Internet Group in a research note on Tuesday, August 12th. 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 note on Wednesday, August 20th. Finally, Barclays started coverage on shares of Circle Internet Group in a research note on Monday, June 30th. They issued an "overweight" rating and a $215.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Circle Internet Group presently has a consensus rating of "Hold" and an average target price of $170.91.

Circle Internet Group Stock Down 1.5%

The business's 50-day simple moving average is $159.06. The company has a market capitalization of $30.47 billion and a price-to-earnings ratio of -10,494.71.

Insider Buying and Selling at Circle Internet Group

In other news, CFO Jeremy Fox-Geen sold 33,608 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total transaction of $4,081,691.60. Following the sale, the chief financial officer owned 297,823 shares in the company, valued at approximately $36,170,603.35. The trade was a 10.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Patrick Sean Neville sold 260,374 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $33,088,327.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 831,014 shares of company stock worth $105,416,046.

Institutional Trading of Circle Internet Group

A number of hedge funds have recently modified their holdings of the business. General Catalyst Group Management LLC bought a new position in Circle Internet Group in the 2nd quarter worth about $3,647,694,000. Marshall Wace LLP bought a new position in Circle Internet Group in the 2nd quarter worth about $1,547,214,000. ARK Investment Management LLC bought a new position in Circle Internet Group in the 2nd quarter worth about $530,165,000. Squarepoint Ops LLC bought a new position in Circle Internet Group in the 2nd quarter worth about $73,101,000. Finally, Nikko Asset Management Americas Inc. bought a new position in Circle Internet Group in the 2nd quarter worth about $72,486,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.