Nikhil Chandhok Sells 26,666 Shares of Circle Internet Group (NYSE:CRCL) Stock

Key Points

• Circle insider Nikhil Chandhok sold 26,666 shares at an average price of $100.40, generating approximately $2.68 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, leaving him with 722,480 shares.
• Circle shares recently traded at $92.89, with a market capitalization of about $23.58 billion. The stock remains well below its 52-week high of $159.47 but above its 52-week low of $49.90.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but earnings per share of $0.18 missed analyst expectations of $0.26. Analysts’ consensus rating is Hold, with an average price target of $99.67.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) insider Nikhil Chandhok sold 26,666 shares of the company's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $100.40, for a total value of $2,677,266.40. Following the completion of the transaction, the insider owned 722,480 shares in the company, valued at $72,536,992. This represents a 3.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nikhil Chandhok also recently made the following trade(s):

• On Monday, August 10th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The stock was sold at an average price of $67.15, for a total transaction of $1,790,621.90.
• On Wednesday, July 8th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The stock was sold at an average price of $63.90, for a total transaction of $1,703,957.40.
• On Wednesday, June 24th, Nikhil Chandhok sold 489,737 shares of Circle Internet Group stock. The shares were sold at an average price of $72.37, for a total transaction of $35,442,266.69.

Circle Internet Group Price Performance

Circle Internet Group stock traded down $3.29 during trading hours on Wednesday, hitting $92.89. The company had a trading volume of 9,236,136 shares, compared to its average volume of 14,845,469. Circle Internet Group, Inc. has a fifty-two week low of $49.90 and a fifty-two week high of $159.47. The firm has a market capitalization of $23.58 billion, a P/E ratio of 63.62 and a beta of 0.59. The firm's fifty day moving average is $73.56 and its 200-day moving average is $89.51.

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 for the quarter. During the same period in the prior year, the business earned ($4.48) earnings per share. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. Analysts anticipate that Circle Internet Group, Inc. will post 1.05 earnings per share for the current year.

Hedge Funds Weigh In On Circle Internet Group

Several large investors have recently bought and sold shares of CRCL. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter worth approximately $27,000. Larson Financial Group LLC raised its stake in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after acquiring an additional 190 shares in the last quarter. National Bank of Canada FI bought a new position in shares of Circle Internet Group during the third quarter valued at $37,000. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Circle Internet Group in the 3rd quarter valued at $39,000. Finally, WPG Advisers LLC bought a new stake in shares of Circle Internet Group in the 1st quarter worth about $31,000.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRCL shares. Wolfe Research upped their target price on Circle Internet Group from $50.00 to $65.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 25th. Keefe, Bruyette & Woods assumed coverage on Circle Internet Group in a report on Tuesday. They set a "market perform" rating and a $105.00 price target for the company. TD Cowen lifted their price target on Circle Internet Group from $82.00 to $87.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Morgan Stanley lowered their price target 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. Finally, HC Wainwright dropped their price objective on Circle Internet Group from $115.00 to $104.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Circle Internet Group has an average rating of "Hold" and a consensus price target of $99.67.

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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