Circle Internet Group (NYSE:CRCL) Trading Up 2.8% - Here's What Happened

Key Points

• Circle Internet Group's stock experienced a rise of 2.8%, trading at $115.56 with a significant drop in trading volume to 4.79 million shares.
• A range of analyst ratings were issued for Circle, with a consensus rating of "Hold" and a price target averaging around $170.91.
• Insider trading activity included the sale of a substantial number of shares by the CEO and a director, amounting to over $49 million in total.

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) traded up 2.8% during trading on Tuesday . The company traded as high as $120.75 and last traded at $115.56. 4,794,131 shares were traded during mid-day trading, a decline of 79% from the average session volume of 22,972,820 shares. The stock had previously closed at $112.46.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Baird R W upgraded shares of Circle Internet Group to a "hold" rating in a research note on Friday, July 11th. Barclays initiated coverage on shares of Circle Internet Group in a report on Monday, June 30th. They issued an "overweight" rating and a $215.00 price target for the company. Compass Point lowered shares of Circle Internet Group from a "neutral" rating to a "sell" rating and cut their price target for the stock from $205.00 to $130.00 in a report on Monday, July 21st. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Circle Internet Group from $163.00 to $123.00 and set a "hold" rating on the stock in a research note on Wednesday, August 20th. Finally, Mizuho set a $85.00 price target on shares of Circle Internet Group in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $170.91.

Circle Internet Group Stock Up 3.0%

The business has a 50 day moving average price of $167.10. The firm has a market capitalization of $26.58 billion and a PE ratio of -9,156.79.

Insiders Place Their Bets

In other news, Director Rajeev V. Date sold 33,400 shares of Circle Internet Group stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $4,244,472.00. Following the transaction, the director directly owned 248,663 shares of the company's stock, valued at $31,600,094.04. The trade was a 11.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeremy Allaire sold 357,812 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $45,470,748.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 831,014 shares of company stock worth $105,416,046.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors have recently made changes to their positions in CRCL. 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. acquired a new position in Circle Internet Group during the second quarter worth approximately $34,000. Hennessy Advisors Inc. acquired a new position in Circle Internet Group during the second quarter worth approximately $36,000. Allworth Financial LP acquired a new position in shares of Circle Internet Group in the second quarter valued at approximately $37,000. Finally, Chilton Capital Management LLC acquired a new position in shares of Circle Internet Group in the second quarter valued at approximately $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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