Circle Internet Group (NYSE:CRCL) Trading 7% Higher - Here's Why

Key Points

• Circle Internet Group (NYSE:CRCL) experienced a 7% increase in stock price on Thursday, closing at $140.26 after previously trading at $131.04.
• Several analysts have reduced their price targets for Circle Internet Group, with Robert W. Baird lowering from $210.00 to $185.00 and Deutsche Bank from $163.00 to $123.00, reflecting a generally cautious outlook.
• Insider trading activity included significant sales by CFO Jeremy Fox-Geen and Nikhil Chandhok, resulting in an overall decrease of 831,014 shares sold within the last ninety days, worth over $105 million.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price rose 7% during mid-day trading on Thursday . The company traded as high as $143.58 and last traded at $140.26. Approximately 15,830,180 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 22,323,395 shares. The stock had previously closed at $131.04.

Wall Street Analysts Forecast Growth

CRCL has been the subject of a number of analyst reports. Mizuho set a $85.00 price target on Circle Internet Group in a report on Tuesday, August 12th. Baird R W upgraded Circle Internet Group to a "hold" rating in a research report on Friday, July 11th. Compass Point cut Circle Internet Group from a "neutral" rating to a "sell" rating and cut their price objective for the company from $205.00 to $130.00 in a research report on Monday, July 21st. The Goldman Sachs Group started coverage on Circle Internet Group in a research report on Tuesday, August 12th. They issued a "neutral" rating and a $83.00 price objective for the company. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $247.00 price objective on shares of Circle Internet Group in a research report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Circle Internet Group has a consensus rating of "Hold" and a consensus target price of $170.91.

Circle Internet Group Stock Up 3.0%

The stock has a market cap of $33.17 billion and a PE ratio of -11,424.85. The company has a 50-day moving average of $156.39.

Insider Activity

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 33,608 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total value of $4,081,691.60. Following the completion of the sale, the chief financial officer directly owned 297,823 shares in the company, valued at $36,170,603.35. This represents a 10.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Tamara L. Schulz sold 836 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total value of $106,238.88. Following the completion of the sale, the chief accounting officer owned 93,609 shares of the company's stock, valued at approximately $11,895,831.72. The trade was a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 831,014 shares of company stock valued at $105,416,046 in the last three months.

Institutional Trading of Circle Internet Group

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $27,000. North Star Investment Management Corp. acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $34,000. Hennessy Advisors Inc. acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $36,000. Allworth Financial LP acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $37,000. Finally, Chilton Capital Management LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $40,000.

About Circle Internet Group

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.