Circle Internet Group (NYSE:CRCL) Trading Down 1.7% - Here's What Happened

Key Points

• Circle Internet Group's stock fell 1.7% during mid-day trading on Thursday, reaching a low of $184.22 before closing at $187.33.
• Analysts have mixed ratings on the stock, with four sell ratings, five hold ratings, and five buy ratings, setting a consensus price target of $175.27.
• Significant insider trading occurred as CEO Jeremy Allaire sold over 1.58 million shares, while other insiders sold nearly 6.68 million shares in the last 90 days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s share price fell 1.7% during mid-day trading on Thursday . The stock traded as low as $184.22 and last traded at $187.33. 1,998,897 shares traded hands during trading, a decline of 94% from the average session volume of 31,347,344 shares. The stock had previously closed at $190.50.

Analysts Set New Price Targets

Several research firms have issued reports on CRCL. Sanford C. Bernstein began coverage on Circle Internet Group in a research note on Monday, June 30th. They set an "outperform" rating and a $230.00 price objective for the company. Baird R W upgraded Circle Internet Group to a "hold" rating in a research note on Friday, July 11th. The Goldman Sachs Group began coverage on Circle Internet Group in a research note on Monday, June 30th. They set a "neutral" rating and a $83.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Circle Internet Group in a research note on Monday, June 30th. They set a "hold" rating and a $155.00 price objective for the company. Finally, Mizuho began coverage on Circle Internet Group in a research note on Tuesday, July 8th. They issued an "underperform" rating and a $85.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, five have issued 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 stock has a consensus rating of "Hold" and a consensus target price of $175.27.

Circle Internet Group Stock Down 3.7%

The stock has a market capitalization of $39.32 billion and a P/E ratio of -13,963.17.

Insider Transactions at Circle Internet Group

In related news, CEO Jeremy Allaire sold 1,582,160 shares of Circle Internet Group stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $46,357,288.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nikhil Chandhok sold 300,000 shares of Circle Internet Group stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $8,790,000.00. Following the completion of the sale, the insider owned 605,580 shares of the company's stock, valued at approximately $17,743,494. The trade was a 33.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,682,884 shares of company stock valued at $195,808,501.

Hedge Funds Weigh In On Circle Internet Group

Several institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $530,165,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $61,650,000. Liberty Street Advisors Inc. acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $52,610,000. Rheos Capital Works Inc. acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $45,323,000. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $18,397,000.

Circle Internet Group Company Profile

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.