108,635 Shares in Circle Internet Group, Inc. $CRCL Bought by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB initiated a position in Circle Internet Group, buying 108,635 shares worth approximately $6.8 million during the second quarter. Several other institutional investors also recently established or increased stakes.
• Circle insiders have sold 2.06 million shares valued at roughly $159.9 million over the past 90 days, including sales by CEO Jeremy Allaire and President Heath Tarbert under pre-arranged Rule 10b5-1 plans.
• Circle’s latest quarterly earnings fell short of analyst expectations, with adjusted EPS of $0.18 versus the $0.26 consensus, although revenue rose 6.6% year over year to $701.3 million. Analysts maintain a consensus “Hold” rating with an average price target of $97.12.

Handelsbanken Fonder AB bought a new stake in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 108,635 shares of the company's stock, valued at approximately $6,804,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRCL. Rockefeller Capital Management L.P. grew its holdings in shares of Circle Internet Group by 17.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 255,222 shares of the company's stock valued at $20,239,000 after buying an additional 38,567 shares during the last quarter. Travelers Companies Inc. purchased a new position in shares of Circle Internet Group in the fourth quarter worth about $9,557,000. Fifth Third Bancorp purchased a new stake in Circle Internet Group in the first quarter valued at approximately $7,282,000. Alberta Investment Management Corp acquired a new position in Circle Internet Group in the 4th quarter worth approximately $25,027,000. Finally, GC Wealth Management RIA LLC acquired a new position in Circle Internet Group in the 4th quarter worth approximately $18,165,000.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, President Heath Tarbert sold 39,240 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total value of $3,196,882.80. Following the sale, the president directly owned 502,558 shares of the company's stock, valued at approximately $40,943,400.26. This trade represents a 7.24% 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $82.93, for a total value of $4,660,666.00. Following the completion of the sale, the chief executive officer owned 510,579 shares of the company's stock, valued at $42,342,316.47. This trade represents a 9.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 2,062,639 shares of company stock valued at $159,922,690 in the last ninety days. 10.85% of the stock is currently owned by company insiders.

Circle Internet Group Stock Performance

CRCL opened at $71.79 on Friday. The company has a fifty day moving average of $69.34 and a two-hundred day moving average of $85.92. The stock has a market capitalization of $18.23 billion, a price-to-earnings ratio of 49.17 and a beta of 0.23. Circle Internet Group, Inc. has a fifty-two week low of $49.90 and a fifty-two week high of $159.47.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.18 EPS 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 business had revenue of $701.32 million for the quarter. During the same quarter in the previous year, the business earned ($4.48) EPS. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that Circle Internet Group, Inc. will post 1.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRCL. Susquehanna started coverage on shares of Circle Internet Group in a research note on Wednesday, July 1st. They set a "neutral" rating and a $69.00 price objective for the company. Wells Fargo & Company raised their target price on shares of Circle Internet Group from $111.00 to $142.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Wall Street Zen downgraded shares of Circle Internet Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Canaccord Genuity Group lowered their price target on shares of Circle Internet Group from $160.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, The Goldman Sachs Group set a $71.00 price objective on Circle Internet Group in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Circle Internet Group currently has a consensus rating of "Hold" and an average price target of $97.12.

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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