Circle Internet Group, Inc. $CRCL Stake Boosted by Amova Asset Management Americas Inc.

Key Points

• Amova Asset Management Americas increased its Circle Internet Group stake by 13.4% in Q1, ending with 2.91 million shares worth about $278.2 million. The position now represents roughly 3.9% of Amova’s portfolio.
• Insiders have been selling shares, including CEO Jeremy Allaire and insider Nikhil Chandhok, with total insider sales over the last 90 days reaching 1.96 million shares valued at $155.7 million. The article notes these trades were made under pre-arranged Rule 10b5-1 plans.
• Circle’s stock and outlook remain mixed: shares were trading at $65.34, well below their 50-day and 200-day averages, while the company recently posted revenue growth of 20% year over year but missed EPS estimates. Wall Street currently has a consensus Hold rating with an average price target of $113.25.

Amova Asset Management Americas Inc. boosted its stake in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 13.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,914,947 shares of the company's stock after buying an additional 344,539 shares during the quarter. Circle Internet Group makes up approximately 3.9% of Amova Asset Management Americas Inc.'s portfolio, making the stock its 5th largest holding. Amova Asset Management Americas Inc. owned about 1.18% of Circle Internet Group worth $278,173,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CRCL. Creative Planning bought a new position in shares of Circle Internet Group during the 2nd quarter valued at approximately $295,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Circle Internet Group in the 2nd quarter worth approximately $1,474,000. Invesco Ltd. bought a new stake in shares of Circle Internet Group in the 2nd quarter worth approximately $47,640,000. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group in the second quarter valued at approximately $27,000. Finally, Baird Financial Group Inc. purchased a new position in Circle Internet Group in the second quarter valued at approximately $2,649,000.

Insider Transactions at Circle Internet Group

In related news, insider Nikhil Chandhok sold 489,737 shares of Circle Internet Group 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 sale, the insider owned 521,809 shares of the company's stock, valued at approximately $37,763,317.33. This trade represents a 48.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 510,579 shares of the company's stock, valued at approximately $42,342,316.47. The trade was 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. Over the last 90 days, insiders sold 1,956,527 shares of company stock worth $155,711,921. 10.85% of the stock is owned by corporate insiders.

Circle Internet Group Stock Up 8.1%

CRCL stock opened at $65.34 on Tuesday. The stock has a 50-day simple moving average of $85.44 and a two-hundred day simple moving average of $87.76. Circle Internet Group, Inc. has a twelve month low of $49.90 and a twelve month high of $231.88. The firm has a market capitalization of $16.24 billion and a PE ratio of -20.42.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its quarterly earnings results 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). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The firm had revenue of $694.13 million during the quarter. The company's quarterly revenue was up 20.0% compared to the same quarter last year. On average, equities research analysts anticipate that Circle Internet Group, Inc. will post 0.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRCL has been the subject of a number of recent research reports. Compass Point set a $62.00 target price on Circle Internet Group in a research report on Wednesday, July 15th. Susquehanna initiated coverage on Circle Internet Group in a research report on Wednesday, July 1st. They set a "neutral" rating and a $69.00 price target on the stock. Needham & Company LLC increased their price target on Circle Internet Group from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Freedom Capital upgraded Circle Internet Group to a "hold" rating in a research note on Tuesday, April 21st. Finally, The Goldman Sachs Group dropped their price objective on shares of Circle Internet Group from $111.00 to $96.00 and set a "neutral" rating on the stock in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $113.25.

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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