Consolidated Investment Group LLC Purchases New Position in Circle Internet Group, Inc. $CRCL

Key Points

• Consolidated Investment Group LLC opened a new position in Circle (NYSE: CRCL) in Q4, buying 15,300 shares valued at approximately $1.213 million.
• Large insider selling: President Heath Tarbert sold 122,007 shares (~$11.5M) and Director M. Michele Burns sold 80,000 shares (~$7.59M); insiders have sold 545,874 shares (~$53.0M) in the past 90 days and now own 10.85% of the company.
• Strong quarter but mixed analyst view: Circle beat earnings estimates (Q4 EPS $0.43 vs $0.25) with revenue up 76.9% YoY to $770.2M, yet the consensus analyst rating is "Hold" with a $126.41 price target and a market cap around $26.1 billion.

Consolidated Investment Group LLC bought a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 15,300 shares of the company's stock, valued at approximately $1,213,000.

A number of other institutional investors have also recently bought and sold shares of CRCL. Bartlett & CO. Wealth Management LLC bought a new position in Circle Internet Group in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC lifted its stake in Circle Internet Group by 3,800.0% in the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after buying an additional 190 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new position in Circle Internet Group in the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group in the second quarter valued at approximately $27,000. Finally, Bellevue Asset Management LLC bought a new position in Circle Internet Group in the fourth quarter valued at approximately $29,000.

Insiders Place Their Bets

In related news, President Heath Tarbert sold 122,007 shares of the firm's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $94.23, for a total value of $11,496,719.61. Following the completion of the transaction, the president directly owned 599,156 shares of the company's stock, valued at approximately $56,458,469.88. This trade represents a 16.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director M Michele Burns sold 80,000 shares of the firm's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $94.88, for a total transaction of $7,590,400.00. Following the completion of the transaction, the director directly owned 305,230 shares of the company's stock, valued at $28,960,222.40. This represents a 20.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 545,874 shares of company stock valued at $52,991,625 in the last ninety days. 10.85% of the stock is currently owned by insiders.

Circle Internet Group Stock Up 0.2%

Shares of CRCL opened at $105.75 on Thursday. The stock has a market capitalization of $26.10 billion and a P/E ratio of -56.85. Circle Internet Group, Inc. has a twelve month low of $49.90 and a twelve month high of $298.99. The company has a 50 day moving average of $91.09 and a 200-day moving average of $94.10.

Circle Internet Group (NYSE:CRCL - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.18. The firm had revenue of $770.23 million during the quarter. Circle Internet Group's revenue was up 76.9% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. HC Wainwright assumed coverage on shares of Circle Internet Group in a research note on Friday, December 19th. They issued a "neutral" rating and a $85.00 price target on the stock. Wells Fargo & Company cut 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 research note on Thursday, February 26th. JPMorgan Chase & Co. cut their price target on shares of Circle Internet Group from $100.00 to $90.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 10th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $160.00 price target on shares of Circle Internet Group in a research note on Wednesday, March 25th. Finally, Robert W. Baird raised their price target on shares of Circle Internet Group from $110.00 to $138.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $126.41.

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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