Circle Internet Group (NYSE:CRCL) Stock Jumps 6.6% - Time to Buy?

Key Points

• Circle Internet Group shares rose 6.6% to about $86.19 in mid-day trading, giving the company a market capitalization of approximately $21.85 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $97.82; recent targets range from $62 to $127.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but its $0.18 EPS missed expectations of $0.26. Insiders have sold 458,989 shares worth roughly $37.1 million over the past 90 days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares shot up 6.6% during mid-day trading on Friday. The stock traded as high as $85.90 and last traded at $86.1910. Approximately 3,344,631 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 14,604,768 shares. The stock had previously closed at $80.84.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRCL. Keefe, Bruyette & Woods initiated coverage on Circle Internet Group in a research report on Tuesday, September 8th. They set a "market perform" rating and a $105.00 price target on the stock. Compass Point set a $62.00 price objective on shares of Circle Internet Group in a research note on Wednesday, July 15th. William Blair reissued an "outperform" rating on shares of Circle Internet Group in a research report on Wednesday, August 5th. Susquehanna reaffirmed a "neutral" rating on shares of Circle Internet Group in a research report on Tuesday, September 29th. Finally, Needham & Company LLC lowered their price target on shares of Circle Internet Group from $150.00 to $127.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $97.82.

Circle Internet Group Stock Up 6.5%

The firm has a market cap of $21.85 billion, a P/E ratio of 59.09 and a beta of 0.73. The company has a fifty day simple moving average of $83.72 and a 200-day simple moving average of $87.37.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its quarterly 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 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 quarter in the previous year, the company posted ($4.48) earnings per share. The company's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts forecast that Circle Internet Group, Inc. will post 1.08 EPS for the current year.

Insider Activity

In related news, Director Patrick Neville sold 50,000 shares of Circle Internet Group stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $59.55, for a total value of $2,977,500.00. Following the completion of the transaction, the director owned 2,018 shares in the company, valued at $120,171.90. The trade was a 96.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,666 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $67.15, for a total value of $1,790,621.90. Following the sale, the insider owned 717,920 shares of the company's stock, valued at approximately $48,208,328. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 458,989 shares of company stock worth $37,084,800. 10.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds have recently added to or reduced their stakes in the business. IDG Accel China Capital II Associates L.P. bought a new position in shares of Circle Internet Group in the fourth quarter valued at about $554,792,000. Southpoint Capital Advisors LP increased its stake in Circle Internet Group by 175.0% during the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company's stock worth $314,853,000 after acquiring an additional 2,100,000 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Circle Internet Group by 13.3% in 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 purchasing an additional 342,080 shares in the last quarter. Amova Asset Management Americas Inc. increased its position in 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 acquiring an additional 344,539 shares during the period. Finally, SBI Holdings USA Inc. bought a new stake in Circle Internet Group during the second quarter valued at $101,084,820.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company that develops infrastructure for digital currencies and blockchain-based payments. Its primary product is USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a stable value and support digital transactions, payments and transfers across blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

The company provides institutional and developer-focused services through Circle Mint, which enables eligible businesses to create, redeem and manage USDC and access related payment and treasury tools.

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