Southpoint Capital Advisors LP Has $314.85 Million Holdings in Circle Internet Group, Inc. $CRCL

Key Points

• Southpoint Capital Advisors increased its Circle Internet Group position by 175% to 3.3 million shares, valued at approximately $314.85 million and representing 6.5% of its portfolio.
• Circle reported $694.13 million in quarterly revenue, up 20% year over year, but earnings of $0.21 per share fell short of the $0.27 analyst consensus. The stock opened at $65.52, well below its 50-day and 200-day moving averages.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $113.25; insiders have sold roughly $155.7 million of shares over the past quarter, primarily through pre-arranged trading plans.

Southpoint Capital Advisors LP grew its holdings in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 175.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,300,000 shares of the company's stock after acquiring an additional 2,100,000 shares during the period. Circle Internet Group accounts for approximately 6.5% of Southpoint Capital Advisors LP's holdings, making the stock its largest position. Southpoint Capital Advisors LP owned about 1.34% of Circle Internet Group worth $314,853,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CRCL. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group during the second quarter valued at approximately $27,000. Larson Financial Group LLC lifted its holdings in shares of Circle Internet Group by 3,800.0% during the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after acquiring an additional 190 shares during the period. Harbour Investments Inc. lifted 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. National Bank of Canada FI bought a new position in Circle Internet Group during the third quarter worth about $37,000. Finally, Federation des caisses Desjardins du Quebec boosted its holdings in Circle Internet Group by 5.4% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 5,391 shares of the company's stock valued at $428,000 after purchasing an additional 278 shares in the last quarter.

Circle Internet Group Stock Performance

Circle Internet Group stock opened at $65.52 on Tuesday. The business's fifty day moving average is $79.99 and its two-hundred day moving average is $87.16. The firm has a market cap of $16.29 billion and a P/E ratio of -20.47. Circle Internet Group, Inc. has a 52 week low of $49.90 and a 52 week high of $197.90.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter. Circle Internet Group's revenue for the quarter was up 20.0% compared to the same quarter last year. On average, equities research analysts predict that Circle Internet Group, Inc. will post 0.86 earnings per share for the current year.

Insider Activity

In other Circle Internet Group news, CAO Tamara L. Schulz sold 1,194 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $64.40, for a total value of $76,893.60. Following the completion of the sale, the chief accounting officer owned 85,871 shares in the company, valued at approximately $5,530,092.40. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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. Also, insider Nikhil Chandhok sold 26,666 shares of the firm's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $63.90, for a total transaction of $1,703,957.40. Following the completion of the sale, the insider directly owned 725,068 shares of the company's stock, valued at approximately $46,331,845.20. This represents a 3.55% decrease in their position. 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. Over the last quarter, insiders have sold 1,956,527 shares of company stock worth $155,711,921. 10.85% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CRCL shares. HC Wainwright upgraded Circle Internet Group from a "neutral" rating to a "buy" rating and upped their price objective for the company from $85.00 to $150.00 in a research note on Monday, May 18th. Morgan Stanley boosted their price target on Circle Internet Group from $80.00 to $106.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 19th. 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. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $101.00 target price on shares of Circle Internet Group in a research note on Tuesday, May 12th. Finally, Robert W. Baird dropped their target price on shares of Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating for the company in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Circle Internet Group has a consensus rating of "Hold" and an average target price of $113.25.

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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