Knollwood Investment Advisory LLC Makes New Investment in Circle Internet Group, Inc. $CRCL

Key Points

• Knollwood Investment Advisory opened a new position in Circle Internet Group during the fourth quarter, buying 53,477 shares valued at about $4.24 million.
• Analyst sentiment on CRCL remains mixed: recent moves include upgrades from HC Wainwright and Wells Fargo, but Mizuho cut its target and several analysts still rate the stock Hold or Sell. The consensus rating is Hold with a target price of $134.18.
• Circle shares were trading lower, opening at $77.85, after the company missed earnings estimates in its latest report. Quarterly revenue rose 20% year over year to $694.13 million, but insiders have also been selling shares recently.

Knollwood Investment Advisory LLC bought a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 53,477 shares of the company's stock, valued at approximately $4,241,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth approximately $27,000. PNC Financial Services Group Inc. grew its stake in shares of Circle Internet Group by 14.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company's stock worth $154,000 after buying an additional 151 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after buying an additional 190 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of Circle Internet Group by 170.0% in the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company's stock worth $30,000 after buying an additional 238 shares during the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in shares of Circle Internet Group in the 3rd quarter worth approximately $33,000.

Analyst Upgrades and Downgrades

CRCL has been the topic of several recent research reports. HC Wainwright upgraded Circle Internet Group from a "neutral" rating to a "buy" rating and upped their price target for the stock from $85.00 to $150.00 in a research note on Monday, May 18th. Wells Fargo & Company upped their price target on Circle Internet Group from $111.00 to $142.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Weiss Ratings restated a "sell (d)" rating on shares of Circle Internet Group in a research note on Monday, April 20th. Canaccord Genuity Group restated 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, Mizuho cut their price target on Circle Internet Group from $135.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $134.18.

Circle Internet Group Trading Down 5.8%

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

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported $0.21 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 business had revenue of $694.13 million for the quarter. The company's quarterly revenue was up 20.0% compared to the same quarter last year. As a group, research analysts forecast that Circle Internet Group, Inc. will post 1.02 EPS for the current year.

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group news, Director Rajeev V. Date sold 1,273 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $85.00, for a total transaction of $108,205.00. Following the sale, the director directly owned 154,346 shares in the company, valued at approximately $13,119,410. This trade represents a 0.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Heath Tarbert sold 39,240 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $81.47, for a total value of $3,196,882.80. Following the sale, the president owned 502,558 shares in the company, valued at approximately $40,943,400.26. This represents a 7.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 1,415,984 shares of company stock worth $120,091,637. Insiders own 10.85% of the company's stock.

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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