Circle Internet Group (NYSE:CRCL) Stock Crosses Below Two Hundred Day Moving Average After Insider Selling

Key Points

• Circle shares fell below their 200-day moving average of $85.90, trading as low as $78.81 and last changing hands near $79.76, down 7.2%.
• CFO Jeremy Fox-Geen sold 15,000 shares for approximately $1.35 million under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 4.72%.
• Analysts hold a mixed outlook, with an overall “Hold” rating and an average price target of $98.12. Circle also missed its latest quarterly EPS estimate, reporting $0.18 versus the $0.26 consensus, despite 6.6% year-over-year revenue growth.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Monday after an insider sold shares in the company. The stock has a 200-day moving average of $85.90 and traded as low as $78.81. Circle Internet Group shares last traded at $79.7630, with a volume of 11,231,272 shares.

Specifically, CFO Jeremy Fox-Geen sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $90.00, for a total value of $1,350,000.00. Following the completion of the sale, the chief financial officer owned 302,930 shares of the company's stock, valued at approximately $27,263,700. The trade was a 4.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

CRCL has been the topic of several recent research reports. Mizuho set a $43.00 price objective on shares of Circle Internet Group in a research report on Monday. Keefe, Bruyette & Woods assumed coverage on shares of Circle Internet Group in a research note on Tuesday, September 8th. They issued a "market perform" rating and a $105.00 target price for the company. Wolfe Research boosted their target price on shares of Circle Internet Group from $50.00 to $65.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 25th. William Blair restated an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group restated an "underperform" rating on shares of Circle Internet Group in a report on Wednesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $98.12.

Circle Internet Group Stock Down 7.2%

The stock's 50-day moving average price is $86.99 and its 200 day moving average price is $85.90. The firm has a market cap of $20.25 billion, a price-to-earnings ratio of 54.63 and a beta of 0.73.

Circle Internet Group (NYSE:CRCL - Get Free Report) last released 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 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 period in the previous year, the firm posted ($4.48) EPS. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. On average, research analysts predict that Circle Internet Group, Inc. will post 1.10 EPS for the current year.

Institutional Trading of Circle Internet Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Southpoint Capital Advisors LP boosted its position in shares of Circle Internet Group by 175.0% during the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company's stock worth $314,853,000 after purchasing an additional 2,100,000 shares in the last quarter. SBI Holdings USA Inc. bought a new position in shares of Circle Internet Group during the 2nd quarter valued at about $101,084,820. Accel XI Associates L.L.C. bought a new position in shares of Circle Internet Group during the 2nd quarter valued at about $56,999,563. Bank of New York Mellon Corp acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at approximately $25,467,000. Finally, Amova Asset Management Americas Inc. grew its position in shares of Circle Internet Group by 13.4% in the 1st quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company's stock valued at $278,173,000 after purchasing an additional 344,539 shares during the period.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.