Circle Internet Group (NYSE:CRCL) Trading Down 5.6% - Here's What Happened

Key Points

• Circle shares fell 5.6% to about $90.22 in mid-day trading, with roughly 3.87 million shares changing hands—74% below average volume.
• Analyst sentiment is mixed: the stock has a consensus rating of “Hold” and an average price target of $99.35, despite recent target increases from Wells Fargo and TD Cowen and cuts from Morgan Stanley and Needham.
• 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 about 2.1 million shares worth $163.1 million over the past 90 days.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) shares fell 5.6% during mid-day trading on Tuesday . The stock traded as low as $88.90 and last traded at $90.2170. Approximately 3,867,991 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 14,804,185 shares. The stock had previously closed at $95.55.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley dropped their price target on shares of Circle Internet Group from $38.00 to $37.00 and set an "underweight" rating on the stock in a report on Thursday, August 6th. Needham & Company LLC lowered their price objective on 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. Wells Fargo & Company lifted their target price on shares of Circle Internet Group from $111.00 to $142.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. William Blair restated an "outperform" rating on shares of Circle Internet Group in a research report on Wednesday, August 5th. Finally, TD Cowen raised their target price on shares of Circle Internet Group from $82.00 to $87.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $99.35.

Circle Internet Group Price Performance

The company has a market capitalization of $22.63 billion, a PE ratio of 61.17 and a beta of 0.22. The company's fifty day moving average is $70.48 and its 200-day moving average is $87.95.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) 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 for the quarter. During the same quarter in the previous year, the business earned ($4.48) earnings per share. The company's quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts forecast that Circle Internet Group, Inc. will post 1.04 EPS for the current fiscal year.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 45,000 shares of Circle Internet Group stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the transaction, the chief financial officer owned 323,837 shares in the company, valued at $29,145,330. The trade was a 12.20% decrease in their ownership of the stock. The transaction 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 dated Monday, August 10th. The stock was sold at an average price of $67.15, for a total transaction of $1,790,621.90. Following the completion of the transaction, the insider owned 717,920 shares of the company's stock, valued at $48,208,328. This represents a 3.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 2,100,971 shares of company stock valued at $163,146,343 over the last 90 days. Company insiders own 10.85% of the company's stock.

Institutional Investors Weigh In On Circle Internet Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRCL. Creative Planning acquired a new stake in Circle Internet Group in the second quarter valued at approximately $295,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Circle Internet Group during the 2nd quarter valued at $1,474,000. Invesco Ltd. acquired a new stake in shares of Circle Internet Group in the 2nd quarter worth $47,640,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group in the 2nd quarter worth $27,000. Finally, Baird Financial Group Inc. purchased a new position in Circle Internet Group during the 2nd quarter worth $2,649,000.

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.

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.

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