Circle Internet Group (NYSE:CRCL) Trading Down 2.9% - Here's What Happened

Key Points

• Circle Internet Group shares fell 2.9%, closing at $160.09, following a significant decline in trading volume of over 90% from its average.
• Analyst ratings on Circle vary widely, with an average rating of "Hold" and target prices ranging from a low of $80 to a high of $230.
• Major shareholders sold a substantial amount of stock recently, with insiders offloading approximately 6.68 million shares valued at nearly $196 million over the last 90 days.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) traded down 2.9% on Tuesday . The company traded as low as $158.22 and last traded at $160.09. 2,741,607 shares were traded during trading, a decline of 91% from the average session volume of 29,800,016 shares. The stock had previously closed at $164.82.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Sanford C. Bernstein assumed coverage on Circle Internet Group in a report on Monday, June 30th. They set an "outperform" rating and a $230.00 target price on the stock. Oppenheimer assumed coverage on Circle Internet Group in a report on Monday, June 30th. They set a "market perform" rating on the stock. JPMorgan Chase & Co. assumed coverage on Circle Internet Group in a report on Monday, June 30th. They set an "underweight" rating and a $80.00 target price on the stock. Robert W. Baird assumed coverage on Circle Internet Group in a report on Friday, July 11th. They set a "neutral" rating and a $210.00 target price on the stock. Finally, Baird R W raised Circle Internet Group to a "hold" rating in a report on Friday, July 11th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $175.27.

Circle Internet Group Price Performance

The company has a market cap of $35.45 billion and a PE ratio of -12,588.11.

Insider Buying and Selling at Circle Internet Group

In related news, major shareholder Catalyst Group Vi L.P General sold 3,550,724 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $104,036,213.20. Following the completion of the transaction, the insider directly owned 20,120,769 shares in the company, valued at $589,538,531.70. The trade was a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Patrick Sean Neville sold 1,000,000 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $29,300,000.00. The disclosure for this sale can be found here. Insiders sold 6,682,884 shares of company stock valued at $195,808,501 over the last 90 days.

Hedge Funds Weigh In On Circle Internet Group

Hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC purchased a new stake in Circle Internet Group during the 2nd quarter valued at about $530,165,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Circle Internet Group during the 2nd quarter valued at about $61,650,000. Liberty Street Advisors Inc. purchased a new stake in Circle Internet Group during the 2nd quarter valued at about $52,610,000. Rheos Capital Works Inc. bought a new stake in shares of Circle Internet Group in the 2nd quarter worth approximately $45,323,000. Finally, Jennison Associates LLC bought a new position in shares of Circle Internet Group during the second quarter valued at approximately $24,805,000.

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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