Circle Internet Group (NYSE:CRCL) Stock: Insider Jeremy Allaire Sells 56,200 Shares

Key Points

• CEO Jeremy Allaire sold 56,200 CRCL shares at an average price of $83.59, generating approximately $4.7 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan and reduced his direct holdings by 16.84% to 277,560 shares.
• Circle shares recently traded at $80.91, down $3.22, with a market capitalization of about $20.54 billion. The stock has ranged from $49.90 to $159.47 over the past year.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but earnings of $0.18 per share missed the $0.26 analyst consensus. Analysts have an overall “Hold” rating and an average price target of $97.82.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $83.59, for a total transaction of $4,697,758.00. Following the sale, the chief executive officer directly owned 277,560 shares in the company, valued at $23,201,240.40. The trade was a 16.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jeremy Allaire also recently made the following trade(s):

• On Monday, October 5th, Jeremy Allaire sold 6,064 shares of Circle Internet Group stock. The stock was sold at an average price of $83.59, for a total value of $506,889.76.
• On Tuesday, September 8th, Jeremy Allaire sold 6,064 shares of Circle Internet Group stock. The shares were sold at an average price of $98.04, for a total value of $594,514.56.
• On Tuesday, September 8th, Jeremy Allaire sold 56,200 shares of Circle Internet Group stock. The shares were sold at an average price of $98.04, for a total value of $5,509,848.00.
• On Wednesday, August 5th, Jeremy Allaire sold 6,064 shares of Circle Internet Group stock. The shares were sold at an average price of $62.03, for a total value of $376,149.92.
• On Wednesday, August 5th, Jeremy Allaire sold 56,200 shares of Circle Internet Group stock. The stock was sold at an average price of $62.03, for a total value of $3,486,086.00.

Circle Internet Group Price Performance

CRCL stock traded down $3.22 during mid-day trading on Wednesday, reaching $80.91. 8,843,993 shares of the company traded hands, compared to its average volume of 14,698,032. The company has a market capitalization of $20.54 billion, a P/E ratio of 55.42 and a beta of 0.73. Circle Internet Group, Inc. has a 52-week low of $49.90 and a 52-week high of $159.47. The company has a fifty day moving average price of $82.99 and a 200-day moving average price of $88.02.

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 for the quarter, missing the consensus estimate of $0.26 by ($0.08). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The company had revenue of $701.32 million for the quarter. During the same quarter in the previous year, the company posted ($4.48) EPS. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, analysts forecast that Circle Internet Group, Inc. will post 1.08 EPS for the current year.

Hedge Funds Weigh In On Circle Internet Group

A number of large investors have recently modified their holdings of CRCL. Versant Capital Management Inc lifted its position in Circle Internet Group by 170.0% in the 3rd quarter. Versant Capital Management Inc now owns 656 shares of the company's stock worth $54,000 after buying an additional 413 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in Circle Internet Group by 15.2% during the second quarter. Integrated Wealth Concepts LLC now owns 4,067 shares of the company's stock valued at $255,000 after acquiring an additional 538 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Circle Internet Group by 229.0% during the second quarter. IFP Advisors Inc now owns 3,204 shares of the company's stock worth $201,000 after acquiring an additional 2,230 shares in the last quarter. Allworth Financial LP raised its stake in shares of Circle Internet Group by 9.1% during the second quarter. Allworth Financial LP now owns 1,267 shares of the company's stock worth $79,000 after acquiring an additional 106 shares in the last quarter. Finally, Arizona State Retirement System bought a new stake in shares of Circle Internet Group in the 2nd quarter worth approximately $2,667,000.

Analysts Set New Price Targets

Several research analysts have commented on CRCL shares. Robert W. Baird cut their price target on shares of Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating for the company in a report on Monday, July 13th. Mizuho set a $45.00 price objective on Circle Internet Group and gave the stock a "neutral" rating in a research report on Friday, July 31st. Morgan Stanley dropped their price objective on Circle Internet Group from $38.00 to $37.00 and set an "underweight" rating for the company in a research note on Thursday, August 6th. Seaport Research Partners set a $100.00 price target on shares of Circle Internet Group in a research note on Monday, August 17th. Finally, Raymond James Financial started coverage on shares of Circle Internet Group in a report on Tuesday, July 21st. They issued a "market perform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Circle Internet Group presently has an average rating of "Hold" and a consensus target price of $97.82.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company that develops infrastructure for digital currencies and blockchain-based payments. Its primary product is USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a stable value and support digital transactions, payments and transfers across blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

The company provides institutional and developer-focused services through Circle Mint, which enables eligible businesses to create, redeem and manage USDC and access related payment and treasury tools.

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