Circle Internet Group (NYSE:CRCL) Stock Crosses Below Two Hundred Day Moving Average After Insider Selling

Circle Internet Group, Inc. (NYSE:CRCL)’s share price crossed below its 200-day moving average during trading on Monday after an insider sold shares in the company. The stock has a 200-day moving average of $85.90 and traded as low as $78.81. Circle Internet Group shares last traded at $79.7630, with a volume of 11,231,272 shares trading hands.

Specifically, CFO Jeremy Fox-Geen sold 15,000 shares of the stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $90.00, for a total value of $1,350,000.00. Following the completion of the sale, the chief financial officer owned 302,930 shares in the company, valued at $27,263,700. This trade represents a 4.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

Several research analysts have weighed in on CRCL shares. Weiss Ratings cut Circle Internet Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 8th. Wolfe Research boosted their target price on shares of Circle Internet Group from $50.00 to $65.00 and gave the stock an “underperform” rating in a report on Tuesday, August 25th. Seaport Research Partners set a $100.00 price target on shares of Circle Internet Group in a research report on Monday, August 17th. Morgan Stanley lowered their price objective on shares of Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating for the company in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered Circle Internet Group from a “sell” rating to a “strong sell” rating in a research report on Sunday, October 11th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.12.

Circle Internet Group Stock Down 7.2%

The firm has a market cap of $20.25 billion, a PE ratio of 54.63 and a beta of 0.73. The company has a 50-day simple moving average of $86.99 and a two-hundred day simple moving average of $85.90.

Circle Internet Group (NYSE:CRCL) 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). The business had revenue of $701.32 million for the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. Circle Internet Group’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted ($4.48) earnings per share. As a group, equities analysts predict that Circle Internet Group, Inc. will post 1.10 earnings per share for the current year.

Hedge Funds Weigh In On Circle Internet Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Southpoint Capital Advisors LP increased its holdings in Circle Internet Group by 175.0% during the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock worth $314,853,000 after buying an additional 2,100,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Circle Internet Group by 13.3% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,917,764 shares of the company’s stock worth $278,384,000 after acquiring an additional 342,080 shares during the period. Amova Asset Management Americas Inc. boosted its stake in Circle Internet Group by 13.4% in the first quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock valued at $278,173,000 after acquiring an additional 344,539 shares during the last quarter. SBI Holdings USA Inc. purchased a new position in Circle Internet Group in the second quarter valued at about $101,084,820. Finally, Accel XI Associates L.L.C. purchased a new position in Circle Internet Group in the second quarter valued at about $56,999,563.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.