Circle Internet Group (NYSE:CRCL) Trading Up 10% - Still a Buy?

Key Points

• Circle shares rose about 10% to roughly $78.93, with a market capitalization near $20.1 billion. The stock remains below its 200-day moving average of $86.05 but above its 50-day average of $69.01.
• Analyst sentiment is mixed: Circle has an overall “Hold” rating and a consensus price target of $97.12, with ratings ranging from Strong Buy to Sell.
• Quarterly revenue increased 6.6% year over year to $701.32 million, but earnings of $0.18 per share missed the $0.26 consensus estimate. Insiders have sold more than 2 million shares worth approximately $159.9 million over the past 90 days.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) were up 10% on Wednesday . The stock traded as high as $79.40 and last traded at $78.9320. Approximately 9,060,561 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 14,591,998 shares. The stock had previously closed at $71.73.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRCL. William Blair reiterated an "outperform" rating on shares of Circle Internet Group in a research report on Wednesday, August 5th. Susquehanna assumed coverage on Circle Internet Group in a research report on Wednesday, July 1st. They set a "neutral" rating and a $69.00 target price for the company. Compass Point set a $62.00 price target on Circle Internet Group in a research note on Wednesday, July 15th. The Goldman Sachs Group set a $71.00 price target on Circle Internet Group in a report on Thursday, August 6th. Finally, Mizuho set a $45.00 price objective on Circle Internet Group and gave the stock a "neutral" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Circle Internet Group has an average rating of "Hold" and a consensus price target of $97.12.

Circle Internet Group Stock Up 10.2%

The company has a market capitalization of $20.07 billion, a P/E ratio of 54.09 and a beta of 0.22. The firm has a fifty day simple moving average of $69.01 and a 200-day simple moving average of $86.05.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.08). The company had revenue of $701.32 million during the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($4.48) earnings per share. On average, sell-side analysts predict that Circle Internet Group, Inc. will post 1.04 earnings per share for the current fiscal year.

Insider Activity at Circle Internet Group

In related news, President Heath Tarbert sold 39,240 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total transaction of $3,196,882.80. Following the sale, the president owned 502,558 shares in the company, valued at approximately $40,943,400.26. This represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Hossein Razzaghi sold 34,623 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total value of $2,730,023.55. Following the transaction, the insider directly owned 666,404 shares of the company's stock, valued at $52,545,955.40. This trade represents a 4.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 2,062,639 shares of company stock worth $159,922,690. Corporate insiders own 10.85% of the company's stock.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. boosted its position in shares of Circle Internet Group by 17.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 255,222 shares of the company's stock valued at $20,239,000 after acquiring an additional 38,567 shares during the period. Travelers Companies Inc. acquired a new position in shares of Circle Internet Group in the fourth quarter valued at about $9,557,000. Fifth Third Bancorp bought a new position in Circle Internet Group during the first quarter worth about $7,282,000. Alberta Investment Management Corp bought a new position in Circle Internet Group during the fourth quarter worth about $25,027,000. Finally, GC Wealth Management RIA LLC acquired a new stake in Circle Internet Group in the 4th quarter worth about $18,165,000.

About Circle Internet Group

Circle Internet Group NYSE: CRCL is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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