20,000 Shares in Circle Internet Group, Inc. $CRCL Acquired by Lavelle Capital LP

Key Points

• Lavelle Capital LP acquired 20,000 Circle Internet Group shares worth approximately $1.9 million in the first quarter, making CRCL about 1.2% of its portfolio.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $109.81; ratings range from Strong Buy to Sell.
• CRCL opened at $62.55, down 2.6%, while Circle reported quarterly revenue of $694.13 million, up 20% year over year, but missed EPS estimates ($0.21 versus $0.27).

Lavelle Capital LP bought a new position in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 20,000 shares of the company's stock, valued at approximately $1,908,000. Circle Internet Group accounts for about 1.2% of Lavelle Capital LP's investment portfolio, making the stock its 17th largest position.

A number of other hedge funds have also added to or reduced their stakes in the stock. General Catalyst Group Management LLC purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $3,647,694,000. Marshall Wace LLP increased its position in Circle Internet Group by 23.8% during the fourth quarter. Marshall Wace LLP now owns 9,978,729 shares of the company's stock valued at $791,313,000 after acquiring an additional 1,919,205 shares during the last quarter. IDG Accel China Capital II Associates L.P. bought a new position in Circle Internet Group in the fourth quarter valued at about $554,792,000. Accel XI Associates L.L.C. bought a new position in Circle Internet Group in the fourth quarter valued at about $513,844,000. Finally, Vanguard Group Inc. boosted its position in Circle Internet Group by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,653,110 shares of the company's stock worth $448,292,000 after purchasing an additional 74,414 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRCL. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $101.00 price target on shares of Circle Internet Group in a research note on Tuesday, May 12th. Sanford C. Bernstein reissued an "outperform" rating and issued a $140.00 price objective on shares of Circle Internet Group in a report on Wednesday. KeyCorp initiated coverage on shares of Circle Internet Group in a research report on Tuesday, May 26th. They set a "sector weight" rating for the company. Morgan Stanley upped their target price on shares of Circle Internet Group from $80.00 to $106.00 and gave the company an "equal weight" rating in a report on Tuesday, May 19th. Finally, Robert W. Baird decreased their price target on shares of Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Circle Internet Group presently has an average rating of "Hold" and a consensus price target of $109.81.

Circle Internet Group Stock Down 2.6%

NYSE CRCL opened at $62.55 on Friday. The stock's 50-day moving average price is $76.03 and its 200-day moving average price is $86.60. Circle Internet Group, Inc. has a 52 week low of $49.90 and a 52 week high of $189.92. The company has a market capitalization of $15.55 billion and a P/E ratio of -19.55.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.06). The company had revenue of $694.13 million for the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm's quarterly revenue was up 20.0% compared to the same quarter last year. Research analysts anticipate that Circle Internet Group, Inc. will post 0.79 EPS for the current year.

Insider Buying and Selling at Circle Internet Group

In related news, Director Patrick Sean Neville sold 1,034,396 shares of Circle Internet Group stock in a transaction on Monday, June 8th. The shares were sold at an average price of $82.87, for a total transaction of $85,720,396.52. Following the transaction, the director owned 2,018 shares in the company, valued at approximately $167,231.66. The trade was a 99.81% decrease in their position. The transaction was disclosed in a filing 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, insider Nikhil Chandhok sold 489,737 shares of the company's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the transaction, the insider directly owned 521,809 shares of the company's stock, valued at $37,763,317.33. This represents a 48.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders have sold 1,914,327 shares of company stock valued at $151,802,213. 10.85% of the stock is currently owned by company insiders.

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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