Circle Internet Group (NYSE:CRCL) Trading Down 2.9% Following Analyst Downgrade

Key Points

• Circle Internet Group's shares fell by 2.9% following a downgrade from Deutsche Bank, which reduced its price target from $163 to $123 and assigned a hold rating.
• Insider trading activity saw significant sales, with Director Patrick Sean Neville selling 1 million shares and CFO Jeremy Fox-Geen selling 200,000 shares, collectively totaling over $35 million.
• Despite a mix of ratings from analysts, including several downward revisions, the consensus still remains a "Hold" with an average price target of $170.91.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares traded down 2.9% during mid-day trading on Wednesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $163.00 to $123.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Circle Internet Group traded as low as $129.10 and last traded at $131.29. 3,732,868 shares were traded during trading, a decline of 86% from the average session volume of 26,562,797 shares. The stock had previously closed at $135.23.

CRCL has been the topic of several other research reports. Needham & Company LLC reissued a "buy" rating and set a $250.00 target price on shares of Circle Internet Group in a research report on Wednesday. Baird R W raised Circle Internet Group to a "hold" rating in a research report on Friday, July 11th. Barclays assumed coverage on Circle Internet Group in a research report on Monday, June 30th. They set an "overweight" rating and a $215.00 target price on the stock. Compass Point downgraded Circle Internet Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $205.00 to $130.00 in a research report on Monday, July 21st. Finally, Oppenheimer assumed coverage on Circle Internet Group in a research report on Tuesday, August 12th. They set a "market perform" rating on the stock. One equities 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $170.91.

Insiders Place Their Bets

In other Circle Internet Group news, Director Patrick Sean Neville sold 260,374 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $33,088,327.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeremy Allaire sold 357,812 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $45,470,748.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,480,290 shares of company stock worth $297,142,856.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Newbridge Financial Services Group Inc. acquired a new position in Circle Internet Group during the 2nd quarter valued at about $1,953,000. Marex Group plc acquired a new position in Circle Internet Group during the 2nd quarter valued at about $3,321,000. Liontrust Investment Partners LLP acquired a new position in Circle Internet Group during the 2nd quarter valued at about $511,000. Hollencrest Capital Management acquired a new position in shares of Circle Internet Group in the second quarter valued at about $998,000. Finally, Nikko Asset Management Americas Inc. acquired a new position in shares of Circle Internet Group in the second quarter valued at about $72,486,000.

Circle Internet Group Price Performance

The firm's fifty day moving average price is $183.95. The stock has a market capitalization of $30.00 billion and a price-to-earnings ratio of -10,651.97.

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.