Circle Internet Group (NYSE:CRCL) Stock Price Up 8.1% - Still a Buy?

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price traded up 8.1% during trading on Wednesday . The company traded as high as $214.60 and last traded at $211.23. 12,239,458 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 36,737,660 shares. The stock had previously closed at $195.33.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Robert W. Baird assumed coverage on Circle Internet Group in a research report on Friday, July 11th. They issued a "neutral" rating and a $210.00 target price on the stock. Mizuho assumed coverage on Circle Internet Group in a research report on Tuesday, July 8th. They issued an "underperform" rating and a $85.00 target price on the stock. Citigroup assumed coverage on Circle Internet Group in a research report on Monday, June 30th. They issued a "buy" rating and a $243.00 target price on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Circle Internet Group in a research report on Monday, June 30th. They issued a "hold" rating and a $155.00 target price on the stock. Finally, Wall Street Zen downgraded Circle Internet Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Circle Internet Group currently has an average rating of "Hold" and a consensus price target of $182.09.

Circle Internet Group Price Performance

The company has a market capitalization of $51.60 billion and a PE ratio of -18,324.64.

Insider Buying and Selling

In related news, major shareholder Catalyst Group Vi L.P General sold 3,550,724 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $104,036,213.20. Following the transaction, the insider owned 20,120,769 shares of the company's stock, valued at $589,538,531.70. This represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nikhil Chandhok sold 300,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $8,790,000.00. Following the completion of the transaction, the insider directly owned 605,580 shares in the company, valued at approximately $17,743,494. This trade represents a 33.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,682,884 shares of company stock valued at $195,808,501 over the last 90 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRCL. Exchange Traded Concepts LLC purchased a new stake in shares of Circle Internet Group during the 2nd quarter valued at $18,397,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $1,083,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $673,000. TB Alternative Assets Ltd. acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $363,000. Finally, Brand Asset Management Group Inc. acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $272,000.

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.