Circle Internet Group, Inc. $CRCL Holdings Decreased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Circle Internet Group stake by 13.4% in the first quarter, selling 276,100 shares and leaving it with about 1.79 million shares valued at roughly $170.9 million.
• Insider selling was heavy, including CEO Jeremy Allaire selling 56,200 shares and Director Patrick Sean Neville selling more than 1.03 million shares; insiders sold about 1.96 million shares in the last quarter.
• Wall Street remains cautious on CRCL, with analysts assigning a consensus Hold rating and an average price target of $113.25, even though some firms have raised targets or upgraded the stock.

Renaissance Technologies LLC trimmed its holdings in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 13.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,791,346 shares of the company's stock after selling 276,100 shares during the period. Renaissance Technologies LLC owned approximately 0.73% of Circle Internet Group worth $170,912,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CRCL. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group during the 2nd quarter valued at about $27,000. Larson Financial Group LLC lifted its position in Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after buying an additional 190 shares in the last quarter. Harbour Investments Inc. lifted its position in Circle Internet Group by 170.0% in the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company's stock worth $30,000 after buying an additional 238 shares in the last quarter. National Bank of Canada FI acquired a new stake in shares of Circle Internet Group during the 3rd quarter valued at $37,000. Finally, Federation des caisses Desjardins du Quebec grew its holdings in shares of Circle Internet Group by 5.4% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 5,391 shares of the company's stock valued at $428,000 after acquiring an additional 278 shares in the last quarter.

Insider Activity at Circle Internet Group

In related news, CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was 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 directly owned 510,579 shares in the company, valued at approximately $42,342,316.47. The trade was a 9.92% 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, Director Patrick Sean Neville sold 1,034,396 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $82.87, for a total value of $85,720,396.52. Following the completion of the sale, the director owned 2,018 shares of the company's stock, valued at approximately $167,231.66. This trade represents a 99.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 quarter, insiders sold 1,956,527 shares of company stock valued at $155,711,921. Insiders own 10.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Freedom Capital raised shares of Circle Internet Group to a "hold" rating in a research note on Tuesday, April 21st. Weiss Ratings restated a "sell (d)" rating on shares of Circle Internet Group in a research note on Friday, July 17th. Susquehanna started coverage on Circle Internet Group in a research report on Wednesday, July 1st. They issued a "neutral" rating and a $69.00 target price on the stock. HC Wainwright raised Circle Internet Group from a "neutral" rating to a "buy" rating and raised their price target for the stock from $85.00 to $150.00 in a research note on Monday, May 18th. Finally, Morgan Stanley lifted their price target on Circle Internet Group from $80.00 to $106.00 and gave the company an "equal weight" rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $113.25.

Circle Internet Group Stock Up 0.5%

Shares of CRCL opened at $62.48 on Friday. The firm has a market cap of $15.53 billion and a price-to-earnings ratio of -19.52. The company's fifty day moving average is $80.91 and its 200-day moving average is $87.28. Circle Internet Group, Inc. has a 12 month low of $49.90 and a 12 month high of $197.90.

Circle Internet Group (NYSE:CRCL - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.06). The business had revenue of $694.13 million during the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. Circle Internet Group's revenue for the quarter was up 20.0% on a year-over-year basis. As a group, research analysts predict that Circle Internet Group, Inc. will post 0.86 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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