Circle Internet Group (NYSE:CRCL) Stock Price Up 5.9% – Should You Buy?

Shares of Circle Internet Group, Inc. (NYSE:CRCL) rose 5.9% during trading on Friday . The stock traded as high as $86.30 and last traded at $85.79. Approximately 13,744,814 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 18,290,023 shares. The stock had previously closed at $80.99.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Circle Internet Group in a research note on Wednesday, October 8th. Rothschild Redb raised Circle Internet Group to a “hold” rating in a research report on Friday, October 3rd. Citizens Jmp assumed coverage on Circle Internet Group in a report on Tuesday, September 30th. They issued a “market perform” rating on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $247.00 price target on shares of Circle Internet Group in a report on Thursday, September 11th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, November 13th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $141.18.

Circle Internet Group Stock Up 5.9%

The stock has a 50-day simple moving average of $100.13.

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

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group news, President Heath Tarbert sold 1,300 shares of the company’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $90.10, for a total value of $117,130.00. Following the sale, the president owned 582,350 shares of the company’s stock, valued at approximately $52,469,735. This represents a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeremy Allaire sold 7,055 shares of the stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $90.05, for a total transaction of $635,302.75. Following the completion of the sale, the chief executive officer owned 77,572 shares in the company, valued at $6,985,358.60. This represents a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 696,790 shares of company stock worth $56,284,056.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Brand Asset Management Group Inc. purchased a new position in Circle Internet Group in the 2nd quarter valued at about $272,000. Westbourne Investments Inc. acquired a new position in shares of Circle Internet Group in the second quarter valued at approximately $204,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Circle Internet Group during the second quarter valued at approximately $1,083,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Circle Internet Group during the second quarter worth approximately $673,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Circle Internet Group in the 2nd quarter worth approximately $18,397,000.

About Circle Internet Group

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.