Public Employees Retirement System of Ohio Makes New Investment in Circle Internet Group, Inc. $CRCL

Key Points

• Public Employees Retirement System of Ohio acquired 88,440 Circle Internet Group shares in the second quarter, valued at approximately $5.54 million. Several other institutional investors, including Invesco, also initiated positions.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but earnings per share of $0.18 missed the $0.26 consensus estimate. Shares opened at $88.78, with a market capitalization of roughly $22.54 billion.
• Insiders sold approximately 2.1 million shares worth $163.1 million over the past quarter. Analysts maintain a consensus “Hold” rating, with an average price target of $99.35.

Public Employees Retirement System of Ohio acquired a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 88,440 shares of the company's stock, valued at approximately $5,539,000.

A number of other large investors have also bought and sold shares of the business. Creative Planning acquired a new stake in shares of Circle Internet Group during the second quarter worth $295,000. Arrowstreet Capital Limited Partnership bought a new position in Circle Internet Group in the second quarter valued at approximately $1,474,000. Invesco Ltd. bought a new position in shares of Circle Internet Group in the second quarter valued at $47,640,000. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $27,000. Finally, Baird Financial Group Inc. acquired a new position in Circle Internet Group during the second quarter worth approximately $2,649,000.

Circle Internet Group Trading Down 0.8%

Shares of Circle Internet Group stock opened at $88.78 on Thursday. The firm has a market capitalization of $22.54 billion, a PE ratio of 60.81 and a beta of 0.56. The firm's 50 day moving average is $71.12 and its 200 day moving average is $88.39. Circle Internet Group, Inc. has a 1 year low of $49.90 and a 1 year high of $159.47.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.08). Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The company had revenue of $701.32 million for the quarter. During the same period in the previous year, the business earned ($4.48) EPS. The business's quarterly revenue was up 6.6% on a year-over-year basis. As a group, research analysts anticipate that Circle Internet Group, Inc. will post 1.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Jeremy Fox-Geen sold 45,000 shares of the business's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the sale, the chief financial officer directly owned 323,837 shares in the company, valued at approximately $29,145,330. The trade was a 12.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 stock was sold at an average price of $82.87, for a total value of $85,720,396.52. Following the sale, the director owned 2,018 shares in the company, valued at approximately $167,231.66. This trade represents a 99.81% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 2,100,971 shares of company stock worth $163,146,343. Company insiders own 10.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CRCL shares. William Blair reaffirmed an "outperform" rating on shares of Circle Internet Group in a report on Wednesday, August 5th. Raymond James Financial initiated coverage on Circle Internet Group in a report on Tuesday, July 21st. They set a "market perform" rating for the company. Wall Street Zen downgraded Circle Internet Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Weiss Ratings raised Circle Internet Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, August 6th. Finally, Susquehanna boosted their price target on Circle Internet Group from $69.00 to $92.00 and gave the company a "neutral" rating in a research note on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Circle Internet Group presently has an average rating of "Hold" and a consensus price target of $99.35.

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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