Circle Internet Group (NYSE:CRCL) Trading 7.1% Higher - Here's Why

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shot up 7.1% during trading on Monday . The stock traded as high as $205.60 and last traded at $202.18. 15,099,167 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 43,090,371 shares. The stock had previously closed at $188.77.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRCL. Deutsche Bank Aktiengesellschaft began coverage on Circle Internet Group in a report on Monday, June 30th. They issued a "hold" rating and a $155.00 price objective for the company. JPMorgan Chase & Co. began coverage on Circle Internet Group in a research note on Monday, June 30th. They issued an "underweight" rating and a $80.00 price target on the stock. Needham & Company LLC began coverage on Circle Internet Group in a research note on Monday, June 30th. They issued a "buy" rating and a $250.00 price target on the stock. Compass Point began coverage on Circle Internet Group in a research note on Tuesday, June 24th. They issued a "neutral" rating and a $205.00 price target on the stock. Finally, Sanford C. Bernstein began coverage on Circle Internet Group in a research note on Monday, June 30th. They issued an "outperform" rating and a $230.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $189.78.

Circle Internet Group Stock Performance

The stock has a market cap of $46.36 billion and a PE ratio of -16,463.57.

Insider Buying and Selling

In related news, CFO Jeremy Fox-Geen sold 200,000 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $5,860,000.00. Following the transaction, the chief financial officer owned 320,371 shares in the company, valued at approximately $9,386,870.30. This trade represents a 38.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeremy Allaire sold 1,582,160 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $46,357,288.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,682,884 shares of company stock valued at $195,808,501 in the last 90 days.

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.