Comerica Bank Buys 71,391 Shares of Circle Internet Group, Inc. $CRCL

Key Points

• Comerica Bank boosted its position in Circle Internet Group by 8,291.6%, buying an additional 71,391 shares to hold 72,252 shares valued at about $5.73 million per its latest 13F filing.
• Circle beat estimates with quarterly EPS of $0.43 vs. $0.25 and reported revenue of $770.23 million (up 76.9% YoY); the stock recently traded near $90.85 and has a market cap of about $22.42 billion.
• Corporate insiders sold 555,874 shares (~$54 million) in the past 90 days (insiders own 10.85%), while analysts hold a mixed view with a consensus "Hold" rating and a $127.24 price target.

Comerica Bank lifted its stake in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 8,291.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,252 shares of the company's stock after purchasing an additional 71,391 shares during the quarter. Comerica Bank's holdings in Circle Internet Group were worth $5,730,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRCL. Creative Planning bought a new stake 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 during the 2nd quarter valued at approximately $1,474,000. Invesco Ltd. bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at approximately $47,640,000. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at approximately $27,000. Finally, Baird Financial Group Inc. bought a new stake in shares of Circle Internet Group during the 2nd quarter valued at approximately $2,649,000.

Circle Internet Group Price Performance

CRCL opened at $90.85 on Friday. Circle Internet Group, Inc. has a fifty-two week low of $49.90 and a fifty-two week high of $298.99. The firm has a market capitalization of $22.42 billion and a price-to-earnings ratio of -48.84. The company's 50 day moving average price is $100.04 and its two-hundred day moving average price is $91.18.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.18. The business had revenue of $770.23 million for the quarter. The business's revenue for the quarter was up 76.9% compared to the same quarter last year. As a group, equities research analysts predict that Circle Internet Group, Inc. will post 0.84 EPS for the current year.

Insider Buying and Selling

In other news, Director Rajeev V. Date sold 1,273 shares of the company's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $95.00, for a total value of $120,935.00. Following the sale, the director directly owned 152,328 shares of the company's stock, valued at approximately $14,471,160. This represents a 0.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director M Michele Burns sold 1,666 shares of the company's stock in a transaction on Monday, April 6th. The shares were sold at an average price of $92.38, for a total transaction of $153,905.08. Following the completion of the sale, the director directly owned 341,872 shares in the company, valued at approximately $31,582,135.36. This represents a 0.48% 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. In the last 90 days, insiders sold 555,874 shares of company stock worth $54,031,625. Corporate insiders own 10.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Circle Internet Group from $128.00 to $111.00 and set an "overweight" rating on the stock in a report on Thursday, February 26th. Morgan Stanley set a $80.00 price target on shares of Circle Internet Group in a report on Monday, April 20th. JPMorgan Chase & Co. reduced their target price on shares of Circle Internet Group from $100.00 to $90.00 and set an "overweight" rating on the stock in a report on Tuesday, February 10th. The Goldman Sachs Group boosted their target price on shares of Circle Internet Group from $79.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, January 5th. Finally, Zacks Research raised shares of Circle Internet Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Circle Internet Group has a consensus rating of "Hold" and a consensus target price of $127.24.

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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