Circle Internet Group (NYSE:CRCL) Trading Down 4.5% - Should You Sell?

Key Points

• Circle Internet Group's shares fell by 4.5% on Wednesday, trading as low as $154.00, with a significant drop in trading volume of 66% compared to its average.
• Analysts have given mixed ratings on the stock, with four ratings as sell, five as hold, and five as buy, while the consensus price target is set at $173.00.
• Insider trades revealed significant selling activity, with insiders unloading over 6.6 million shares collectively valued at approximately $195.8 million during the last quarter.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) dropped 4.5% during mid-day trading on Wednesday . The company traded as low as $154.00 and last traded at $155.80. Approximately 9,541,258 shares were traded during trading, a decline of 66% from the average daily volume of 27,842,043 shares. The stock had previously closed at $163.21.

Analysts Set New Price Targets

CRCL has been the subject of a number of research analyst reports. Wall Street Zen lowered Circle Internet Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Sanford C. Bernstein initiated coverage on Circle Internet Group in a research note on Monday, June 30th. They set an "outperform" rating and a $230.00 price target for the company. Citigroup initiated coverage on Circle Internet Group in a research note on Monday, June 30th. They set a "buy" rating and a $243.00 price target for the company. JPMorgan Chase & Co. initiated coverage on Circle Internet Group in a research note on Monday, June 30th. They set an "underweight" rating and a $80.00 price target for the company. Finally, Canaccord Genuity Group initiated coverage on Circle Internet Group in a research note on Monday, June 30th. They set a "buy" rating and a $247.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Circle Internet Group presently has a consensus rating of "Hold" and a consensus price target of $173.00.

Circle Internet Group Stock Performance

The business has a 50-day moving average price of $185.63. The stock has a market capitalization of $34.00 billion and a P/E ratio of -12,074.44.

Insiders Place Their Bets

In related news, Director Patrick Sean Neville sold 1,000,000 shares of the company'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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nikhil Chandhok sold 300,000 shares of the company'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 $8,790,000.00. Following the completion of the transaction, the insider directly owned 605,580 shares of the company's stock, valued at $17,743,494. The trade was a 33.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,682,884 shares of company stock worth $195,808,501.

Institutional Investors Weigh In On Circle Internet Group

Several large investors have recently bought and sold shares of CRCL. North Star Investment Management Corp. purchased a new position in Circle Internet Group in the second quarter worth approximately $34,000. Hennessy Advisors Inc. acquired a new position in Circle Internet Group during the 2nd quarter worth about $36,000. Allworth Financial LP acquired a new position in Circle Internet Group during the 2nd quarter worth about $37,000. Chilton Capital Management LLC acquired a new stake in shares of Circle Internet Group in the second quarter valued at $40,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Circle Internet Group in the second quarter valued at $52,000.

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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