Van ECK Associates Corp Buys 104,405 Shares of Circle Internet Group, Inc. $CRCL

Van ECK Associates Corp lifted its stake in Circle Internet Group, Inc. (NYSE:CRCL) by 33.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 412,822 shares of the company’s stock after buying an additional 104,405 shares during the period. Van ECK Associates Corp’s holdings in Circle Internet Group were worth $54,732,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. General Catalyst Group Management LLC acquired a new stake in Circle Internet Group in the 2nd quarter valued at $3,647,694,000. Marshall Wace LLP bought a new position in Circle Internet Group during the 2nd quarter valued at about $1,547,214,000. Vanguard Group Inc. lifted its holdings in Circle Internet Group by 61.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock valued at $739,624,000 after purchasing an additional 2,126,072 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Circle Internet Group by 282.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,299,374 shares of the company’s stock valued at $172,271,000 after buying an additional 959,309 shares in the last quarter. Finally, Amova Asset Management Americas Inc. grew its stake in Circle Internet Group by 222.1% during the third quarter. Amova Asset Management Americas Inc. now owns 1,294,079 shares of the company’s stock worth $171,453,000 after buying an additional 892,359 shares during the last quarter.

Circle Internet Group Stock Performance

NYSE:CRCL opened at $117.81 on Wednesday. The company has a market cap of $27.74 billion and a price-to-earnings ratio of -63.34. The stock’s fifty day moving average price is $75.42 and its two-hundred day moving average price is $97.99. Circle Internet Group, Inc. has a 52-week low of $49.90 and a 52-week high of $298.99.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. The firm had revenue of $770.23 million for the quarter. The firm’s quarterly revenue was up 76.9% on a year-over-year basis.

Insider Transactions at Circle Internet Group

In other Circle Internet Group news, Director Rajeev V. Date sold 23,254 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $89.62, for a total transaction of $2,084,023.48. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jeremy Allaire sold 14,109 shares of Circle Internet Group stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $90.04, for a total transaction of $1,270,374.36. Following the sale, the chief executive officer owned 56,408 shares of the company’s stock, valued at approximately $5,078,976.32. This represents a 20.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 496,816 shares of company stock valued at $45,837,290.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. reduced their target price on Circle Internet Group from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, February 10th. Morgan Stanley started coverage on Circle Internet Group in a report on Monday, February 2nd. They set an “equal weight” rating and a $66.00 price target for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Circle Internet Group in a research note on Wednesday, January 21st. Compass Point upgraded Circle Internet Group from a “sell” rating to a “neutral” rating and set a $75.00 target price on the stock in a report on Thursday, January 29th. Finally, William Blair restated an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $123.47.

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.