Bank of New York Mellon Corp Takes Position in Circle Internet Group, Inc. $CRCL

Key Points

• Bank of New York Mellon initiated a Circle Internet Group position of 406,623 shares worth approximately $25.5 million, representing about 0.16% of the company.
• Insiders have been significant sellers, with executives selling 2.1 million shares valued at roughly $163.1 million over the past three months. CFO Jeremy Fox-Geen alone sold 45,000 shares for $4.05 million under a pre-arranged trading plan.
• Analyst sentiment is mixed, with Circle carrying a consensus “Hold” rating and a $99.35 price target. The company’s latest quarterly revenue rose 6.6% year over year to $701.3 million, but earnings of $0.18 per share missed estimates by $0.08.

Bank of New York Mellon Corp bought a new stake in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 406,623 shares of the company's stock, valued at approximately $25,467,000. Bank of New York Mellon Corp owned about 0.16% of Circle Internet Group at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC purchased a new stake in shares of Circle Internet Group during the second quarter valued at $27,000. GAMMA Investing LLC lifted its stake in Circle Internet Group by 28.6% during the second quarter. GAMMA Investing LLC now owns 715 shares of the company's stock valued at $45,000 after buying an additional 159 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Circle Internet Group by 3,800.0% in the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after buying an additional 190 shares during the period. Harbour Investments Inc. boosted its holdings in shares of Circle Internet Group by 170.0% in the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company's stock worth $30,000 after buying an additional 238 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Circle Internet Group by 12.7% in the second quarter. Farther Finance Advisors LLC now owns 2,221 shares of the company's stock worth $140,000 after buying an additional 251 shares during the period.

Insider Buying and Selling

In other news, Director M Michele Burns sold 3,332 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $85.13, for a total transaction of $283,653.16. Following the transaction, the director owned 327,226 shares in the company, valued at $27,856,749.38. This represents a 1.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Fox-Geen sold 45,000 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the transaction, the chief financial officer owned 323,837 shares in the company, valued at approximately $29,145,330. This trade represents a 12.20% 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 three months, insiders sold 2,100,971 shares of company stock valued at $163,146,343. 10.85% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRCL. William Blair reaffirmed an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Sanford C. Bernstein reissued an "outperform" rating and set a $140.00 target price on shares of Circle Internet Group in a research note on Wednesday, July 29th. Susquehanna increased their target price on Circle Internet Group from $69.00 to $92.00 and gave the company a "neutral" rating in a report on Monday, August 24th. Weiss Ratings raised Circle Internet Group from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, August 6th. Finally, Compass Point set a $62.00 price target on Circle Internet Group in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $99.35.

Circle Internet Group Price Performance

CRCL opened at $87.40 on Friday. The company has a market capitalization of $22.19 billion, a PE ratio of 59.86 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. The business has a 50-day moving average of $70.16 and a 200-day moving average of $87.50.

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

Circle Internet Group 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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