Circle Internet Group (NYSE:CRCL) Shares Up 5.9% - Time to Buy?

Key Points

• Circle shares rose 5.9% to $90.11, although trading volume was 75% below the average session level. The company has a $23.1 billion market capitalization and trades at a P/E ratio of 62.09.
• Analysts have a consensus “Hold” rating and an average price target of $99.94. Several firms recently lowered their targets, while estimates range from bullish “Buy” calls to a “Strong Sell” rating.
• 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 consensus estimate. Insiders have sold roughly 1.02 million shares worth $75.7 million over the past 90 days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price rose 5.9% on Friday . The company traded as high as $91.03 and last traded at $90.11. Approximately 3,659,678 shares were traded during trading, a decline of 75% from the average session volume of 14,832,794 shares. The stock had previously closed at $85.09.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CRCL shares. Needham & Company LLC decreased their target price on shares of Circle Internet Group from $150.00 to $127.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Canaccord Genuity Group reduced their price objective on Circle Internet Group from $160.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Wall Street Zen downgraded Circle Internet Group from a "sell" rating to a "strong sell" rating in a report on Saturday, August 1st. Robert W. Baird decreased their price target 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. Finally, Susquehanna upped their price objective on Circle Internet Group from $69.00 to $92.00 and gave the stock a "neutral" rating in a research note on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $99.94.

Circle Internet Group Stock Up 6.9%

The firm has a 50 day moving average of $76.97 and a 200-day moving average of $90.37. The company has a market cap of $23.10 billion, a P/E ratio of 62.09 and a beta of 0.59.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.18 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 firm had revenue of $701.32 million for the quarter. During the same period last year, the firm earned ($4.48) earnings per share. The firm's revenue was up 6.6% compared to the same quarter last year. On average, research analysts predict that Circle Internet Group, Inc. will post 1.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Circle Internet Group news, CEO Jeremy Allaire sold 56,200 shares of the business's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $98.04, for a total value of $5,509,848.00. Following the transaction, the chief executive officer directly owned 333,760 shares in the company, valued at $32,721,830.40. The trade was a 14.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Fox-Geen sold 8,120 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $87.87, for a total transaction of $713,504.40. Following the sale, the chief financial officer owned 308,291 shares of the company's stock, valued at $27,089,530.17. This represents a 2.57% 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 have sold 1,018,123 shares of company stock worth $75,708,773 in the last 90 days. 10.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC raised its position in Circle Internet Group by 15.2% in the second quarter. Integrated Wealth Concepts LLC now owns 4,067 shares of the company's stock valued at $255,000 after purchasing an additional 538 shares during the period. IFP Advisors Inc increased its stake in 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 purchasing an additional 2,230 shares during the period. Allworth Financial LP lifted its position 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 purchasing an additional 106 shares in the last quarter. Arizona State Retirement System purchased a new stake in Circle Internet Group during the 2nd quarter worth approximately $2,667,000. Finally, Nykredit A S purchased a new position in Circle Internet Group in the 2nd quarter valued at approximately $1,773,000.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company focused on digital currency and blockchain infrastructure. The company is best known as the issuer of USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a consistent value and facilitate digital payments, trading, and transfers on blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

Circle provides products and services for businesses, financial institutions, developers, and digital-asset platforms.

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