Simplicity Wealth LLC Invests $1.22 Million in Circle Internet Group, Inc. $CRCL

Key Points

• Simplicity Wealth LLC opened a new position in Circle Internet Group (NYSE:CRCL) in Q4, buying 15,318 shares worth about $1.22 million, while other institutions like Comerica Bank and Wealthfront also added or increased stakes.
• Circle posted a strong quarter with $0.43 EPS vs. $0.25 expected and revenue of $770.23 million (up 76.9% year-over-year), and analysts have an average target price of $127.24 with a consensus rating of "Hold."
• Insider activity was notable: insiders sold a combined 555,874 shares (~$54.0 million) over the last three months (including sales by President Heath Tarbert and Director M. Michele Burns), leaving insiders with about 10.85% ownership.

Simplicity Wealth LLC purchased a new position in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,318 shares of the company's stock, valued at approximately $1,215,000.

Several other hedge funds have also recently modified their holdings of the business. Wealthfront Advisers LLC purchased a new position in shares of Circle Internet Group in the fourth quarter worth $272,000. Comerica Bank raised its stake in shares of Circle Internet Group by 8,291.6% in the fourth quarter. Comerica Bank now owns 72,252 shares of the company's stock worth $5,730,000 after purchasing an additional 71,391 shares during the last quarter. State of Michigan Retirement System purchased a new position in shares of Circle Internet Group in the fourth quarter worth $565,000. Simon Quick Advisors LLC purchased a new position in shares of Circle Internet Group in the fourth quarter worth $224,000. Finally, High Point Wealth Management LLC purchased a new position in shares of Circle Internet Group in the fourth quarter worth $82,000.

Circle Internet Group Stock Up 1.9%

Shares of CRCL opened at $96.14 on Thursday. The business has a 50-day simple moving average of $99.46 and a two-hundred day simple moving average of $91.18. The stock has a market cap of $23.73 billion and a price-to-earnings ratio of -51.69. Circle Internet Group, Inc. has a 52 week low of $49.90 and a 52 week high of $298.99.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.18. The company had revenue of $770.23 million during the quarter. Circle Internet Group's revenue was up 76.9% on a year-over-year basis. On average, equities analysts anticipate that Circle Internet Group, Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity

In related news, Director M Michele Burns sold 1,666 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $92.38, for a total transaction of $153,905.08. Following the completion of the sale, the director owned 341,872 shares in the company, valued at approximately $31,582,135.36. This trade represents a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Heath Tarbert sold 15,000 shares of the stock in a transaction dated Monday, April 13th. The stock was sold at an average price of $95.04, for a total value of $1,425,600.00. Following the sale, the president owned 561,168 shares of the company's stock, valued at $53,333,406.72. This represents a 2.60% 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. Insiders have sold a total of 555,874 shares of company stock valued at $54,031,625 in the last three months. 10.85% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRCL. William Blair restated an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, February 25th. Robert W. Baird upped their price objective on Circle Internet Group from $110.00 to $138.00 and gave the company an "outperform" rating in a research report on Tuesday, March 17th. Freedom Capital upgraded Circle Internet Group to a "hold" rating in a research report on Tuesday, April 21st. Compass Point reiterated a "sell" rating and set a $77.00 price objective (down from $79.00) on shares of Circle Internet Group in a research report on Thursday, April 9th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $160.00 price objective on shares of Circle Internet Group in a research report on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $127.24.

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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