Circle Internet Group (NYSE:CRCL) Stock Price Down 4.7% - Should You Sell?

Key Points

• Circle shares fell 4.7% to about $88.60 in Friday trading, with volume down 83% from the average. The stock has a $22.54 billion market capitalization and trades at a P/E ratio of 60.83.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $99.94. Ratings include 1 Strong Buy, 10 Buys, 12 Holds, and 4 Sells.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but its $0.18 EPS missed estimates of $0.26. Insiders have sold 528,386 shares worth approximately $40.3 million over the past 90 days, mostly through pre-arranged trading plans.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares dropped 4.7% during trading on Friday. The company traded as low as $88.91 and last traded at $88.6030. 2,592,420 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 14,871,087 shares. The stock had previously closed at $93.00.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CRCL shares. The Goldman Sachs Group restated an "underperform" rating on shares of Circle Internet Group in a research report on Wednesday, September 9th. Wolfe Research upped their price target on Circle Internet Group from $50.00 to $65.00 and gave the stock an "underperform" rating in a report on Tuesday, August 25th. Susquehanna upped their price target on shares of Circle Internet Group from $69.00 to $92.00 and gave the company a "neutral" rating in a report on Monday, August 24th. Raymond James Financial assumed coverage on shares of Circle Internet Group in a research note on Tuesday, July 21st. They issued a "market perform" rating for the company. Finally, HC Wainwright dropped their price objective on shares of Circle Internet Group from $115.00 to $104.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $99.94.

Circle Internet Group Price Performance

The stock has a market cap of $22.54 billion, a P/E ratio of 60.83 and a beta of 0.59. The stock's fifty day simple moving average is $79.89 and its 200-day simple moving average is $90.06.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its quarterly 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). The business had revenue of $701.32 million for the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($4.48) EPS. Analysts forecast that Circle Internet Group, Inc. will post 1.08 EPS for the current year.

Insider Activity

In related news, insider Nikhil Chandhok sold 26,666 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $100.40, for a total transaction 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 trade represents a 3.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 company's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $87.87, for a total transaction of $713,504.40. Following the completion of the sale, the chief financial officer directly owned 308,291 shares in the company, valued at approximately $27,089,530.17. The trade was 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 528,386 shares of company stock worth $40,266,506 over the last 90 days. Company insiders own 10.85% of the company's stock.

Institutional Trading of Circle Internet Group

Several hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its holdings in 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 acquiring an additional 38,567 shares during the period. Travelers Companies Inc. purchased a new stake in Circle Internet Group in the fourth quarter worth $9,557,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Circle Internet Group in the second quarter valued at approximately $5,539,000. Fifth Third Bancorp bought a new position in shares of Circle Internet Group during the first quarter valued at approximately $7,282,000. Finally, Alberta Investment Management Corp bought a new stake in shares of Circle Internet Group in the 4th quarter valued at about $25,027,000.

About Circle Internet Group

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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