Circle Internet Group (NYSE:CRCL) Upgraded by TD Cowen to Strong-Buy Rating

Key Points

• TD Cowen upgraded Circle Internet Group to “strong buy,” although the broader analyst consensus remains “hold,” with an average price target of $104.18.
• CRCL opened at $60.46, well below its 52-week high of $189.92. The company’s latest quarterly EPS of $0.21 missed estimates of $0.27, despite revenue rising 20% year over year to $694.13 million.
• Insiders sold approximately $149.8 million worth of shares over the past three months, including sales by an insider and CEO Jeremy Allaire under pre-arranged Rule 10b5-1 plans.

Circle Internet Group (NYSE:CRCL - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Several other equities analysts also recently weighed in on CRCL. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $101.00 target price on shares of Circle Internet Group in a research report on Tuesday, May 12th. KeyCorp assumed coverage on shares of Circle Internet Group in a research note on Tuesday, May 26th. They set a "sector weight" rating for the company. Weiss Ratings reiterated a "sell (d)" rating on shares of Circle Internet Group in a report on Friday, July 17th. William Blair reissued an "outperform" rating on shares of Circle Internet Group in a research report on Thursday, June 11th. Finally, Sanford C. Bernstein restated an "outperform" rating and issued a $140.00 target price on shares of Circle Internet Group in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $104.18.

Circle Internet Group Stock Performance

Shares of CRCL opened at $60.46 on Monday. Circle Internet Group has a fifty-two week low of $49.90 and a fifty-two week high of $189.92. The company has a market capitalization of $15.03 billion, a PE ratio of -18.89 and a beta of 0.22. The stock has a fifty day moving average of $74.97 and a two-hundred day moving average of $86.47.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.06). The business had revenue of $694.13 million for the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The business's revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts forecast that Circle Internet Group will post 0.79 earnings per share for the current fiscal year.

Insider Activity at Circle Internet Group

In other news, insider Hossein Razzaghi sold 1,831 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $64.40, for a total transaction of $117,916.40. Following the completion of the sale, the insider owned 662,856 shares in the company, valued at approximately $42,687,926.40. The trade was a 0.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Allaire sold 3,032 shares of the business's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $67.16, for a total value of $203,629.12. Following the sale, the chief executive officer owned 63,346 shares of the company's stock, valued at $4,254,317.36. The trade was a 4.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,897,229 shares of company stock valued at $149,839,667 over the last three months. Insiders own 10.85% of the company's stock.

Institutional Investors Weigh In On Circle Internet Group

Several large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter valued at $27,000. Larson Financial Group LLC increased its holdings in Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. National Bank of Canada FI purchased a new position in Circle Internet Group in the third quarter valued at about $37,000. Pin Oak Investment Advisors Inc. purchased a new position in Circle Internet Group in the third quarter valued at about $39,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of Circle Internet Group during the fourth quarter worth about $25,000.

Circle Internet Group Company Profile

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.

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