Short Interest in Circle Internet Group, Inc. (NYSE:CRCL) Rises By 33.6%

Key Points

• Short interest rose 33.6% in January to 14.64 million shares (about 6.2% of shares outstanding), with a days-to-cover ratio of 1.6 days.
• Insiders sold heavily, disposing of 722,089 shares worth roughly $58.5 million in the last 90 days, including large sales by a director and the CFO.
• Institutional activity has been strong and mixed: major firms like General Catalyst, Marshall Wace, ARK and Vanguard built sizable new or increased stakes even as the stock recently fell 5.4% to $63.87; the company also reported an EPS beat and strong revenue growth last quarter.

Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 14,636,079 shares, a growth of 33.6% from the December 31st total of 10,952,651 shares. Based on an average trading volume of 9,122,993 shares, the days-to-cover ratio is currently 1.6 days. Approximately 6.2% of the company's shares are sold short. Approximately 6.2% of the company's shares are sold short. Based on an average trading volume of 9,122,993 shares, the days-to-cover ratio is currently 1.6 days.

Insiders Place Their Bets

In other news, Director Patrick Sean Neville sold 33,569 shares of the firm's stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $85.05, for a total transaction of $2,855,043.45. Following the transaction, the director directly owned 33,568 shares of the company's stock, valued at approximately $2,854,958.40. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Jeremy Fox-Geen sold 23,830 shares of Circle Internet Group stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,144,700.00. Following the sale, the chief financial officer directly owned 282,173 shares of the company's stock, valued at $25,395,570. This represents a 7.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 722,089 shares of company stock worth $58,540,227.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. General Catalyst Group Management LLC acquired a new stake in Circle Internet Group during the 2nd quarter worth $3,647,694,000. Marshall Wace LLP purchased a new position in shares of Circle Internet Group during the second quarter worth about $1,547,214,000. ARK Investment Management LLC purchased a new position in shares of Circle Internet Group during the second quarter worth about $530,165,000. Vanguard Group Inc. increased its position in shares of Circle Internet Group by 61.6% during the third quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company's stock worth $739,624,000 after purchasing an additional 2,126,072 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Circle Internet Group by 98.2% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,575,684 shares of the company's stock valued at $204,252,000 after purchasing an additional 1,276,310 shares during the last quarter.

Circle Internet Group Stock Down 5.4%

Shares of Circle Internet Group stock traded down $3.68 during trading hours on Friday, reaching $63.87. 15,676,709 shares of the company's stock were exchanged, compared to its average volume of 9,724,701. The business has a fifty day moving average of $79.41 and a two-hundred day moving average of $116.41. The company has a market capitalization of $15.04 billion and a P/E ratio of -27.89. Circle Internet Group has a 1 year low of $61.88 and a 1 year high of $298.99.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its earnings results on Wednesday, November 12th. The company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.44. The firm had revenue of $739.76 million for the quarter. The company's quarterly revenue was up 65.9% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have issued reports on CRCL shares. Wells Fargo & Company dropped their price target on Circle Internet Group from $160.00 to $128.00 and set an "overweight" rating on the stock in a research note on Thursday, November 13th. Deutsche Bank Aktiengesellschaft dropped their target price on Circle Internet Group from $147.00 to $90.00 and set a "hold" rating on the stock in a research report on Thursday, November 13th. Robert W. Baird raised shares of Circle Internet Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 14th. Mizuho set a $77.00 price objective on shares of Circle Internet Group and gave the company a "neutral" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised shares of Circle Internet Group from an "underweight" rating to an "overweight" rating and raised their target price for the stock from $94.00 to $100.00 in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $136.47.

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 USD Coin (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.

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