Allianz Asset Management GmbH Purchases New Position in Circle Internet Group, Inc. $CRCL

Key Points

• Allianz Asset Management acquired a new position in Circle Internet Group, purchasing 27,156 shares valued at approximately $4.9 million.
• Circle's stock has risen 4.0% recently, with a current market cap of $29.77 billion and shares opening at $129.74.
• The company's latest earnings report revealed a loss of ($4.48) EPS, missing estimates, despite a 53% year-over-year revenue increase to $658.08 million.

Allianz Asset Management GmbH purchased 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 SEC. The fund purchased 27,156 shares of the company's stock, valued at approximately $4,923,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Liberty Street Advisors Inc. acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $52,610,000. Rheos Capital Works Inc. acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $45,323,000. Exchange Traded Concepts LLC acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $18,397,000. Endowment Wealth Management Inc. acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $18,129,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Circle Internet Group during the 2nd quarter worth approximately $5,330,000.

Circle Internet Group Stock Up 4.0%

Shares of NYSE CRCL opened at $129.74 on Friday. The firm has a market cap of $29.77 billion and a P/E ratio of -10,253.04. Circle Internet Group, Inc. has a 52-week low of $64.00 and a 52-week high of $298.99. The stock has a 50 day moving average price of $132.31.

Circle Internet Group (NYSE:CRCL - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($4.48) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($4.82). The company had revenue of $658.08 million for the quarter, compared to the consensus estimate of $645.35 million. The business's quarterly revenue was up 53.0% on a year-over-year basis.

Insider Activity at Circle Internet Group

In related news, CEO Jeremy Allaire sold 357,812 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $45,470,748.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Patrick Sean Neville sold 260,374 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $33,088,327.92. The disclosure for this sale can be found here. Insiders have sold 831,014 shares of company stock worth $105,416,046 over the last ninety days.

Analyst Ratings Changes

CRCL has been the topic of several recent research reports. Barclays initiated coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set an "overweight" rating and a $215.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Circle Internet Group in a research report on Tuesday. They set an "overweight" rating and a $160.00 target price on the stock. Citigroup initiated coverage on shares of Circle Internet Group in a research report on Tuesday, September 30th. They set a "market perform" rating on the stock. Needham & Company LLC reiterated a "buy" rating and set a $250.00 target price on shares of Circle Internet Group in a research report on Monday, September 8th. Finally, Rothschild Redb upgraded shares of Circle Internet Group to a "hold" rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Circle Internet Group currently has an average rating of "Hold" and an average target price of $165.14.

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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