IDG China Capital Fund III Associates L.P. Has $790.28 Million Stock Holdings in Circle Internet Group, Inc. $CRCL

Key Points

• IDG China Capital Fund III Associates L.P. reduced its Circle Internet Group stake by 9.6% in the fourth quarter, but still held 9.97 million shares worth about $790.3 million and made CRCL its largest portfolio position.
• Insider selling was notable, with CEO Jeremy Allaire and Director Patrick Sean Neville both selling shares under pre-arranged Rule 10b5-1 plans; insiders have sold 1.42 million shares worth about $120.1 million over the past three months.
• Circle shares were down 5.8% to $77.85, and the company recently reported quarterly EPS of $0.21, missing estimates, even as revenue rose 20% year over year to $694.13 million.

IDG China Capital Fund III Associates L.P. cut its holdings in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 9.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,965,659 shares of the company's stock after selling 1,061,028 shares during the period. Circle Internet Group makes up 98.6% of IDG China Capital Fund III Associates L.P.'s portfolio, making the stock its largest position. IDG China Capital Fund III Associates L.P. owned 4.23% of Circle Internet Group worth $790,277,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group in the second quarter worth $27,000. PNC Financial Services Group Inc. lifted its stake in Circle Internet Group by 14.9% in the third quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company's stock worth $154,000 after purchasing an additional 151 shares during the last quarter. 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 worth $26,000 after purchasing an additional 190 shares during the last quarter. Harbour Investments Inc. lifted its stake in Circle Internet Group by 170.0% in 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 last quarter. Finally, Montag A & Associates Inc. bought a new stake in Circle Internet Group in the third quarter worth $33,000.

Insider Activity at Circle Internet Group

In related news, CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $82.93, for a total transaction of $4,660,666.00. Following the transaction, the chief executive officer owned 510,579 shares in the company, valued at $42,342,316.47. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 dated Monday, June 8th. The shares were sold at an average price of $82.87, for a total transaction of $85,720,396.52. Following the transaction, the director owned 2,018 shares in the company, valued at $167,231.66. This represents a 99.81% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold 1,415,984 shares of company stock valued at $120,091,637 over the last three months. Corporate insiders own 10.85% of the company's stock.

Circle Internet Group Trading Down 5.8%

CRCL stock opened at $77.85 on Friday. Circle Internet Group, Inc. has a 12-month low of $49.90 and a 12-month high of $298.99. The firm's 50-day moving average price is $101.91 and its two-hundred day moving average price is $89.84. The stock has a market capitalization of $19.35 billion and a price-to-earnings ratio of -24.33.

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 the consensus estimate of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The company had revenue of $694.13 million for the quarter. The business's revenue was up 20.0% on a year-over-year basis. Equities analysts predict that Circle Internet Group, Inc. will post 1.02 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Mizuho lowered their price target on shares of Circle Internet Group from $135.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, June 5th. HC Wainwright upgraded shares of Circle Internet Group from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $85.00 to $150.00 in a research report on Monday, May 18th. Canaccord Genuity Group restated a "buy" rating and issued a $160.00 price objective on shares of Circle Internet Group in a research report on Wednesday, March 25th. Weiss Ratings restated a "sell (d)" rating on shares of Circle Internet Group in a research report on Monday, April 20th. Finally, Compass Point restated a "sell" rating and issued a $77.00 price objective (down from $79.00) on shares of Circle Internet Group in a research report on Thursday, April 9th. One investment 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $134.18.

About Circle Internet Group

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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