StoneX Group Inc. Buys New Shares in Circle Internet Group, Inc. $CRCL

Key Points

• StoneX Group opened a new position in Circle Internet Group, buying 19,060 shares worth approximately $1.44 million in the third quarter. Other institutional investors also increased or initiated holdings.
• Circle reported quarterly EPS of $0.84, double the $0.42 consensus estimate, on $864.9 million in revenue, up 16.9% year over year.
• Analyst views are mixed: MarketBeat’s consensus rating is “Hold,” with an average price target of $91.44. Insiders sold about $35.1 million in shares over the last quarter, including sales by the CEO under pre-arranged trading plans.

StoneX Group Inc. purchased a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 19,060 shares of the company's stock, valued at approximately $1,440,000.

A number of other hedge funds have also made changes to their positions in CRCL. Sumitomo Mitsui Trust Group Inc. raised its holdings in Circle Internet Group by 24.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,970,939 shares of the company's stock valued at $326,292,000 after acquiring an additional 785,213 shares in the last quarter. Southpoint Capital Advisors LP increased its position in shares of Circle Internet Group by 175.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company's stock worth $314,853,000 after purchasing an additional 2,100,000 shares during the last quarter. Amova Asset Management Americas Inc. increased its position in shares of Circle Internet Group by 13.4% in the 1st quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company's stock worth $278,173,000 after purchasing an additional 344,539 shares during the last quarter. SBI Holdings USA Inc. acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $101,084,820. Finally, Accel XI Associates L.L.C. acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at about $56,999,563.

Circle Internet Group Stock Performance

Shares of NYSE:CRCL opened at $67.62 on Tuesday. The company's fifty day moving average is $85.06 and its two-hundred day moving average is $85.61. Circle Internet Group, Inc. has a 1-year low of $49.90 and a 1-year high of $140.00. The stock has a market capitalization of $17.17 billion, a price-to-earnings ratio of 40.74 and a beta of 0.84.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.42 by $0.42. Circle Internet Group had a net margin of 15.27% and a return on equity of 13.52%. The business had revenue of $864.89 million during the quarter. During the same period last year, the firm posted $0.64 earnings per share. The company's quarterly revenue was up 16.9% on a year-over-year basis. Sell-side analysts expect that Circle Internet Group, Inc. will post 1.20 EPS for the current fiscal year.

Insider Activity

In other Circle Internet Group news, CEO Jeremy Allaire sold 3,032 shares of Circle Internet Group stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $68.48, for a total value of $207,631.36. Following the completion of the transaction, the chief executive officer directly owned 57,282 shares in the company, valued at $3,922,671.36. The trade was a 5.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,668 shares of the company's stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $79.59, for a total value of $2,122,506.12. Following the transaction, the insider directly owned 715,331 shares of the company's stock, valued at $56,933,194.29. This trade represents a 3.59% decrease in their ownership of the stock. 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 405,204 shares of company stock valued at $35,099,511 over the last quarter. Corporate insiders own 10.85% of the company's stock.

Wall Street Analyst Weigh In

CRCL has been the subject of a number of research reports. UBS Group downgraded Circle Internet Group to an "underweight" rating in a research note on Thursday. Morgan Stanley cut Circle Internet Group from an "underweight" rating to a "cautious" rating in a research note on Thursday. Susquehanna reduced their target price on Circle Internet Group from $92.00 to $86.00 and set a "neutral" rating on the stock in a report on Thursday, November 5th. Compass Point raised Circle Internet Group from a "neutral" rating to a "buy" rating and set a $99.00 target price on the stock in a report on Thursday, November 5th. Finally, BMO Capital Markets started coverage on Circle Internet Group in a research report on Thursday. They issued an "outperform" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $91.44.

About Circle Internet Group

Circle Internet Group develops digital financial infrastructure centered on stablecoins and blockchain-based payments. Its principal products include USDC, a U.S. dollar-pegged stablecoin, and EURC, a euro-pegged stablecoin. The company also provides services and software that help businesses use digital currencies for payments and financial applications.

Circle Mint is a platform for eligible institutions to mint and redeem USDC and EURC. Circle also offers developer tools and infrastructure, including its Cross-Chain Transfer Protocol, which supports the movement of USDC across compatible blockchains.

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