Circle Internet Group, Inc. (NYSE:CRCL) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Circle Internet Group has a consensus “Hold” rating from 27 analysts: 13 holds, 10 buys, 3 sells and 1 strong buy. The average 12-month price target is $99.35.
• Recent quarterly results fell short of expectations, with EPS of $0.18 versus the $0.26 consensus estimate, although revenue rose 6.6% year over year to $701.32 million.
• The stock opened at $87.40 and has declined 7.3%; insiders sold roughly 2.1 million shares worth $163.1 million over the past quarter, including sales by CEO Jeremy Allaire and another executive under Rule 10b5-1 plans.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) has received a consensus rating of "Hold" from the twenty-seven brokerages that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $99.3529.

A number of brokerages have weighed in on CRCL. William Blair reiterated an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Needham & Company LLC dropped their price target on Circle Internet Group from $150.00 to $127.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Compass Point set a $62.00 price objective on Circle Internet Group in a report on Wednesday, July 15th. KeyCorp initiated coverage on Circle Internet Group in a research report on Tuesday, May 26th. They set a "sector weight" rating for the company. Finally, TD Cowen increased their target price on Circle Internet Group from $82.00 to $87.00 and gave the company a "buy" rating in a report on Wednesday, August 12th.

Insider Buying and Selling at Circle Internet Group

In other news, CEO Jeremy Allaire sold 56,200 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $62.03, for a total transaction of $3,486,086.00. Following the completion of the sale, the chief executive officer owned 398,179 shares of the company's stock, valued at $24,699,043.37. This represents a 12.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,666 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $67.15, for a total transaction of $1,790,621.90. Following the completion of the transaction, the insider owned 717,920 shares in the company, valued at $48,208,328. This trade represents a 3.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 2,100,971 shares of company stock worth $163,146,343. 10.85% of the stock is owned by corporate insiders.

Institutional Trading of Circle Internet Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Creative Planning purchased a new position in shares of Circle Internet Group during the 2nd quarter worth $295,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at $1,474,000. Invesco Ltd. bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at $47,640,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth $27,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth $2,649,000.

Circle Internet Group Stock Down 7.3%

CRCL opened at $87.40 on Friday. The firm has a 50 day moving average price of $70.16 and a 200-day moving average price of $87.50. Circle Internet Group has a twelve month low of $49.90 and a twelve month high of $159.47. The stock has a market capitalization of $22.19 billion, a price-to-earnings ratio of 59.86 and a beta of 0.23.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.08). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The company had revenue of $701.32 million for the quarter. During the same quarter last year, the business posted ($4.48) EPS. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, analysts expect that Circle Internet Group will post 1.04 earnings per share for the current year.

About Circle Internet Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source