Geode Capital Management LLC Raises Position in Circle Internet Group, Inc. $CRCL

Key Points

• Geode Capital Management increased its Circle Internet Group stake by 5.1% in the fourth quarter, holding 1,051,014 shares worth about $83.4 million at the end of the period.
• Several insiders sold shares recently, including Director Rajeev V. Date and insider Nikhil Chandhok; over the past 90 days, insiders have sold 236,617 shares valued at about $25.0 million.
• Circle reported Q1 revenue growth of 20% year over year to $694.13 million, but EPS came in below expectations at $0.21 versus $0.27 estimated. Analysts currently have a consensus rating of Hold with an average price target of $134.18.

Geode Capital Management LLC boosted its stake in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,051,014 shares of the company's stock after purchasing an additional 51,435 shares during the period. Geode Capital Management LLC owned approximately 0.45% of Circle Internet Group worth $83,369,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Bartlett & CO. Wealth Management LLC purchased a new position in Circle Internet Group during the fourth quarter worth approximately $25,000. Larson Financial Group LLC raised its stake in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group during the second quarter worth approximately $27,000. Bellevue Asset Management LLC purchased a new position in Circle Internet Group during the fourth quarter worth approximately $29,000. Finally, Harbour Investments Inc. raised its stake in Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company's stock worth $30,000 after purchasing an additional 238 shares during the period.

Analyst Ratings Changes

CRCL has been the topic of a number of recent analyst reports. KeyCorp initiated coverage on shares of Circle Internet Group in a research note on Tuesday, May 26th. They set a "sector weight" rating on the stock. Clear Str raised shares of Circle Internet Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 16th. 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. Zacks Research raised shares of Circle Internet Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 17th. Finally, Freedom Capital raised shares of Circle Internet Group to a "hold" rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Circle Internet Group presently has a consensus rating of "Hold" and an average target price of $134.18.

Insider Buying and Selling

In other news, Director Rajeev V. Date sold 3,819 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $115.00, for a total value of $439,185.00. Following the completion of the sale, the director owned 152,328 shares of the company's stock, valued at $17,517,720. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 10,000 shares of the firm's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $111.00, for a total transaction of $1,110,000.00. Following the sale, the insider directly owned 532,745 shares of the company's stock, valued at approximately $59,134,695. The trade was a 1.84% 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. Over the last ninety days, insiders have sold 236,617 shares of company stock valued at $25,045,808. 10.85% of the stock is owned by corporate insiders.

Circle Internet Group Stock Down 0.1%

Circle Internet Group stock opened at $80.19 on Monday. Circle Internet Group, Inc. has a 52-week low of $49.90 and a 52-week high of $298.99. The firm has a fifty day moving average of $103.19 and a 200-day moving average of $89.64. The firm has a market capitalization of $19.93 billion and a P/E ratio of -25.06.

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). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The business had revenue of $694.13 million during the quarter. The firm's revenue for the quarter was up 20.0% on a year-over-year basis. On average, research analysts expect that Circle Internet Group, Inc. will post 1.02 EPS for the current fiscal year.

Circle Internet Group Company 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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