Insider Selling: Circle Internet Group (NYSE:CRCL) CFO Sells $1,383,000.00 in Stock

Key Points

• Circle CFO Jeremy Fox-Geen sold 15,000 shares at an average price of $92.20, generating $1.383 million. The Rule 10b5-1 sale was made to cover tax-withholding obligations from vested equity awards and reduced his direct holdings by 4.43%.
• Fox-Geen has made several recent sales, including 8,120 shares on September 2 and 45,000 shares on August 21, bringing the disclosed recent sales to more than $7.4 million.
• CRCL shares rose 16.3% to $103.08, despite Circle’s latest quarterly EPS of $0.18 missing the $0.26 analyst consensus. Analysts maintain a consensus “Hold” rating with an average price target of $99.35.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) CFO Jeremy Fox-Geen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $92.20, for a total transaction of $1,383,000.00. Following the sale, the chief financial officer directly owned 323,837 shares of the company's stock, valued at approximately $29,857,771.40. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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.

Jeremy Fox-Geen also recently made the following trade(s):

• On Wednesday, September 2nd, Jeremy Fox-Geen sold 8,120 shares of Circle Internet Group stock. The stock was sold at an average price of $87.87, for a total value of $713,504.40.
• On Friday, August 21st, Jeremy Fox-Geen sold 45,000 shares of Circle Internet Group stock. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00.
• On Thursday, August 13th, Jeremy Fox-Geen sold 8,476 shares of Circle Internet Group stock. The shares were sold at an average price of $75.00, for a total transaction of $635,700.00.
• On Friday, June 5th, Jeremy Fox-Geen sold 8,120 shares of Circle Internet Group stock. The shares were sold at an average price of $88.00, for a total value of $714,560.00.

Circle Internet Group Trading Up 16.3%

CRCL stock traded up $14.44 during midday trading on Thursday, hitting $103.08. 24,582,449 shares of the company's stock were exchanged, compared to its average volume of 14,892,744. The stock has a market capitalization of $26.17 billion, a price-to-earnings ratio of 70.60 and a beta of 0.56. The firm has a 50 day moving average price of $71.12 and a 200-day moving average price of $88.39. Circle Internet Group, Inc. has a 12-month low of $49.90 and a 12-month high of $159.47.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter. During the same quarter in the previous year, the business posted ($4.48) EPS. The business's quarterly revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts forecast that Circle Internet Group, Inc. will post 1.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning acquired a new position in shares of Circle Internet Group during the second quarter valued at approximately $295,000. Arrowstreet Capital Limited Partnership bought a new position in Circle Internet Group during the 2nd quarter valued at $1,474,000. Invesco Ltd. acquired a new position in shares of Circle Internet Group during the 2nd quarter valued at $47,640,000. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group in the 2nd quarter worth $27,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Circle Internet Group in the second quarter valued at $2,649,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wolfe Research boosted their price target on shares of Circle Internet Group from $50.00 to $65.00 and gave the company an "underperform" rating in a report on Tuesday, August 25th. Raymond James Financial initiated coverage on shares of Circle Internet Group in a report on Tuesday, July 21st. They issued a "market perform" rating on the stock. Robert W. Baird cut their price objective on shares of Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. The Goldman Sachs Group reissued a "neutral" rating and set a $81.00 target price on shares of Circle Internet Group in a research note on Tuesday, August 25th. Finally, Wall Street Zen cut shares of Circle Internet Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $99.35.

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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