Circle Internet Group, Inc. (NYSE:CRCL) Short Interest Update

Circle Internet Group, Inc. (NYSE:CRCL) was the target of a significant growth in short interest in 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. Approximately 6.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 9,122,993 shares, the days-to-cover ratio is presently 1.6 days. Based on an average daily trading volume, of 9,122,993 shares, the days-to-cover ratio is presently 1.6 days. Approximately 6.2% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

CRCL has been the subject of several analyst reports. William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a report on Wednesday, November 12th. JPMorgan Chase & Co. upgraded Circle Internet Group from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $94.00 to $100.00 in a research report on Thursday, November 13th. The Goldman Sachs Group raised their target price on Circle Internet Group from $79.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, January 5th. Wolfe Research started coverage on Circle Internet Group in a research note on Tuesday, December 2nd. They issued an “underperform” rating and a $60.00 price target on the stock. Finally, Needham & Company LLC lowered their price target on Circle Internet Group from $250.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $132.56.

Insiders Place Their Bets

In related news, Director Rajeev V. Date sold 190,867 shares of Circle Internet Group stock in a transaction on Friday, November 14th. The shares were sold at an average price of $83.58, for a total value of $15,952,663.86. Following the sale, the director owned 127,247 shares of the company’s stock, valued at approximately $10,635,304.26. This trade represents a 60.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nikhil Chandhok sold 100,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $77.08, for a total transaction of $7,708,000.00. Following the sale, the insider directly owned 493,639 shares of the company’s stock, valued at $38,049,694.12. This represents a 16.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 722,089 shares of company stock worth $58,540,227.

Institutional Trading of Circle Internet Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRCL. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group in the 2nd quarter worth $27,000. Larson Financial Group LLC boosted its holdings in Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $36,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Circle Internet Group in the 3rd quarter valued at approximately $27,000. Finally, Allworth Financial LP purchased a new stake in shares of Circle Internet Group in the second quarter valued at approximately $37,000.

Circle Internet Group Trading Down 4.8%

CRCL traded down $2.81 during trading hours on Tuesday, hitting $56.05. 16,754,121 shares of the company’s stock were exchanged, compared to its average volume of 10,638,764. The firm has a market cap of $13.20 billion and a P/E ratio of -24.47. Circle Internet Group has a 12-month low of $53.76 and a 12-month high of $298.99. The firm has a 50 day moving average of $79.13 and a 200 day moving average of $115.16.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. The company had revenue of $739.76 million during the quarter. The company’s revenue for the quarter was up 65.9% on a year-over-year basis.

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.