Circle Internet Group (NYSE:CRCL) Trading Down 2% Following Insider Selling

Key Points

• Circle Internet Group's stock price fell 2% to $116.04 after insider selling by CFO Jeremy Fox-Geen, who sold 33,608 shares at an average price of $121.45.
• Analysts have mixed opinions on Circle Internet Group, with a range of ratings from "Strong Buy" to "Sell," while the average price target for the stock is $170.91.
• The company's market cap is approximately $26.90 billion and it has seen significant investor interest, with multiple hedge funds purchasing substantial stakes recently.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price dropped 2% on Thursday following insider selling activity. The stock traded as low as $115.86 and last traded at $116.04. Approximately 2,170,949 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 23,615,447 shares. The stock had previously closed at $118.46.

Specifically, CFO Jeremy Fox-Geen sold 33,608 shares of Circle Internet Group stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total transaction of $4,081,691.60. Following the completion of the sale, the chief financial officer owned 297,823 shares of the company's stock, valued at $36,170,603.35. The trade was a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

CRCL has been the topic of a number of research reports. Robert W. Baird decreased 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. Oppenheimer initiated coverage on shares of Circle Internet Group in a research note on Tuesday, August 12th. They set a "market perform" rating on the stock. The Goldman Sachs Group began coverage on shares of Circle Internet Group in a research note on Tuesday, August 12th. They issued a "neutral" rating and a $83.00 price objective for the company. Baird R W raised shares of Circle Internet Group to a "hold" rating in a research note on Friday, July 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Circle Internet Group from $163.00 to $123.00 and set a "hold" rating for the company in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Circle Internet Group has an average rating of "Hold" and an average target price of $170.91.

Circle Internet Group Trading Down 1.0%

The firm's 50-day moving average price is $169.76. The stock has a market cap of $26.90 billion and a PE ratio of -9,264.26.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds have recently bought and sold shares of CRCL. General Catalyst Group Management LLC purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $3,647,694,000. Marshall Wace LLP purchased a new stake in Circle Internet Group during the second quarter valued at approximately $1,547,214,000. ARK Investment Management LLC purchased a new stake in Circle Internet Group during the second quarter valued at approximately $530,165,000. Squarepoint Ops LLC purchased a new stake in Circle Internet Group during the second quarter valued at approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. purchased a new stake in Circle Internet Group during the second quarter valued at approximately $72,486,000.

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.

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