Circle Internet Group's (CRCL) "Buy" Rating Reiterated at Needham & Company LLC

Key Points

• Circle Internet Group's stock received a reiterated "buy" rating from Needham & Company LLC with a target price of $250.00, indicating a potential upside of 85.02% from its previous close.
• Despite the optimism from Needham, the stock has varying ratings from analysts, including one "Strong Buy," five "Buy," five "Hold," and three "Sell" ratings.
• Insiders sold a significant amount of stock, with total insider sales amounting to $195.8 million in the last quarter, raising questions about confidence in the company's future performance.

Circle Internet Group (NYSE:CRCL - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $250.00 target price on the stock. Needham & Company LLC's target price would indicate a potential upside of 85.02% from the stock's previous close.

CRCL has been the subject of a number of other research reports. Baird R W raised Circle Internet Group to a "hold" rating in a research report on Friday, July 11th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $247.00 price objective on shares of Circle Internet Group in a research report on Monday. The Goldman Sachs Group initiated 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. Mizuho set a $85.00 price objective on Circle Internet Group in a research report on Tuesday, August 12th. Finally, Compass Point downgraded Circle Internet Group from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $205.00 to $130.00 in a report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $173.82.

Circle Internet Group Stock Performance

Shares of NYSE:CRCL opened at $135.12 on Wednesday. The stock has a market capitalization of $30.07 billion and a P/E ratio of -10,678.05. Circle Internet Group has a 52 week low of $64.00 and a 52 week high of $298.99. The firm has a fifty day simple moving average of $183.03.

Insider Transactions at Circle Internet Group

In other Circle Internet Group news, Director Patrick Sean Neville sold 1,000,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $29,300,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jeremy Fox-Geen sold 200,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $5,860,000.00. Following the completion of the transaction, the chief financial officer directly owned 320,371 shares of the company's stock, valued at approximately $9,386,870.30. The trade was a 38.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,682,884 shares of company stock worth $195,808,501 in the last quarter.

Hedge Funds Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRCL. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group in the 2nd quarter valued at about $27,000. North Star Investment Management Corp. purchased a new position in Circle Internet Group in the 2nd quarter valued at about $34,000. Hennessy Advisors Inc. purchased a new position in Circle Internet Group in the 2nd quarter valued at about $36,000. Allworth Financial LP purchased a new position in Circle Internet Group in the 2nd quarter valued at about $37,000. Finally, Chilton Capital Management LLC purchased a new position in Circle Internet Group in the 2nd quarter valued at about $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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