Circle Internet Group (NYSE:CRCL) Trading Down 7% Following Insider Selling

Key Points

• Circle Internet Group's share price fell 7% following insider selling by CFO Jeremy Fox-Geen, who sold 33,608 shares at an average price of $121.45.
• The stock has a current market cap of $24.87 billion and reported a P/E ratio of -8,566.46, with a fifty-day moving average of $169.76.
• Analysts have differing views on the stock, with a consensus target price of $170.91 and ratings ranging from "Strong Buy" to "Sell."

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s share price dropped 7% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $108.10 and last traded at $109.26. Approximately 5,376,639 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 23,383,209 shares. The stock had previously closed at $117.49.

Specifically, CFO Jeremy Fox-Geen sold 33,608 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer owned 297,823 shares in the company, valued at $36,170,603.35. This trade represents 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 the SEC website.

Analysts Set New Price Targets

CRCL has been the subject of a number of research analyst reports. Canaccord Genuity Group reissued a "buy" rating and issued a $247.00 target price on shares of Circle Internet Group in a report on Monday, August 18th. Robert W. Baird dropped their price target on shares of Circle Internet Group from $210.00 to $185.00 and set a "neutral" rating for the company in a research note on Wednesday, August 13th. Citigroup initiated coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued a "buy" rating and a $243.00 price objective on the stock. The Goldman Sachs Group initiated coverage on shares of Circle Internet Group in a report on Tuesday, August 12th. They set a "neutral" rating and a $83.00 price objective on the stock. Finally, Baird R W upgraded shares of Circle Internet Group to a "hold" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $170.91.

Circle Internet Group Price Performance

The stock has a market cap of $24.87 billion and a P/E ratio of -8,566.46. The firm has a fifty day moving average price of $169.76.

Institutional Trading of Circle Internet Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group during the second quarter worth about $27,000. North Star Investment Management Corp. bought a new position in shares of Circle Internet Group in the 2nd quarter worth about $34,000. Hennessy Advisors Inc. acquired a new stake in Circle Internet Group in the second quarter valued at approximately $36,000. Allworth Financial LP bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $37,000. Finally, Chilton Capital Management LLC bought a new stake in Circle Internet Group during the second quarter worth $40,000.

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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