Circle Internet Group (NYSE:CRCL) Shares Up 4.4% - Here's What Happened

Key Points

• Circle shares rose 4.4% to $90.95 in Monday trading, although volume was 60% below the stock’s average daily level.
• Analysts remain mixed, with a consensus “Hold” rating and a $99.35 average price target; recent targets ranged from $37 at Morgan Stanley to $45 at Mizuho.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but earnings per share of $0.18 missed expectations of $0.26. Insiders sold roughly $163.1 million of stock over the past three months.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price was up 4.4% on Monday . The company traded as high as $91.20 and last traded at $90.95. 5,985,543 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 14,794,157 shares. The stock had previously closed at $87.14.

Analysts Set New Price Targets

CRCL has been the subject of a number of research analyst reports. Morgan Stanley decreased their price objective on shares of Circle Internet Group from $38.00 to $37.00 and set an "underweight" rating for the company in a report on Thursday, August 6th. William Blair reiterated an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Mizuho set a $45.00 target price on shares of Circle Internet Group and gave the company a "neutral" rating in a research report on Friday, July 31st. Weiss Ratings upgraded shares of Circle Internet Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen cut shares of Circle Internet Group from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Circle Internet Group has a consensus rating of "Hold" and a consensus price target of $99.35.

Circle Internet Group Price Performance

The firm has a market capitalization of $23.64 billion, a PE ratio of 63.79 and a beta of 0.23. The company's fifty day simple moving average is $70.16 and its 200 day simple moving average is $87.69.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its 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 return on equity of 13.58% and a net margin of 15.53%.The business had revenue of $701.32 million during the quarter. During the same period last year, the firm earned ($4.48) EPS. The firm's quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts anticipate that Circle Internet Group, Inc. will post 1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Heath Tarbert sold 39,240 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total transaction of $3,196,882.80. Following the sale, the president directly owned 502,558 shares in the company, valued at approximately $40,943,400.26. The trade was a 7.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Patrick Sean Neville sold 1,034,396 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.87, for a total value of $85,720,396.52. Following the sale, the director directly owned 2,018 shares in the company, valued at $167,231.66. This trade represents a 99.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 2,100,971 shares of company stock worth $163,146,343 in the last three months. Insiders own 10.85% of the company's stock.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently modified their holdings of CRCL. Rockefeller Capital Management L.P. boosted its stake in shares of Circle Internet Group by 17.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 255,222 shares of the company's stock valued at $20,239,000 after purchasing an additional 38,567 shares during the period. Travelers Companies Inc. purchased a new position in shares of Circle Internet Group in the fourth quarter worth $9,557,000. Fifth Third Bancorp bought a new stake in Circle Internet Group during the 1st quarter valued at $7,282,000. Alberta Investment Management Corp bought a new stake in Circle Internet Group during the 4th quarter valued at $25,027,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Circle Internet Group by 13.3% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,917,764 shares of the company's stock valued at $278,384,000 after buying an additional 342,080 shares during the period.

Circle Internet Group Company Profile

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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