Circle Internet Group (NYSE:CRCL) Stock Price Down 5.9% on Analyst Downgrade

Key Points

• Circle Internet Group's stock (NYSE:CRCL) dropped 5.9% during mid-day trading, with shares traded at a low of $143.72 and a previous close of $153.16.
• Analyst ratings on the stock vary, with Goldman Sachs issuing a "neutral" rating and a $83.00 price target, while Barclays has an "overweight" rating with a $215.00 price objective.
• Insiders have sold a substantial amount of stock recently, with over 6.6 million shares sold, raising concerns about stock performance and insider confidence.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price fell 5.9% during trading on Thursday after Compass Point downgraded the stock from a neutral rating to a sell rating. Compass Point now has a $130.00 price target on the stock, down from their previous price target of $205.00. Circle Internet Group traded as low as $143.72 and last traded at $144.05. 6,162,005 shares were traded during mid-day trading, a decline of 78% from the average session volume of 27,562,553 shares. The stock had previously closed at $153.16.

Several other research analysts have also issued reports on the stock. Needham & Company LLC assumed coverage on shares of Circle Internet Group in a research note on Wednesday, July 16th. They set a "buy" rating on the stock. The Goldman Sachs Group assumed coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued a "neutral" rating and a $83.00 target price for the company. Barclays assumed coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued an "overweight" rating and a $215.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued a "hold" rating and a $155.00 target price for the company. Finally, Citigroup assumed coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued a "buy" rating and a $243.00 target price for the company. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $173.00.

Insider Buying and Selling

In other Circle Internet Group news, CEO Jeremy Allaire sold 1,582,160 shares of Circle Internet Group stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction 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, Director Patrick Sean Neville sold 1,000,000 shares of Circle Internet Group stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction 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 in the last three months.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group during the second quarter valued at approximately $27,000. North Star Investment Management Corp. bought a new stake in Circle Internet Group during the second quarter valued at approximately $34,000. Hennessy Advisors Inc. bought a new stake in Circle Internet Group during the second quarter valued at approximately $36,000. Allworth Financial LP bought a new stake in Circle Internet Group during the second quarter valued at approximately $37,000. Finally, Chilton Capital Management LLC bought a new stake in Circle Internet Group during the second quarter valued at approximately $40,000.

Circle Internet Group Price Performance

The company has a market cap of $33.24 billion and a price-to-earnings ratio of -11,804.96. The stock's 50-day moving average is $183.28.

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.