Nikhil Chandhok Sells 489,737 Shares of Circle Internet Group (NYSE:CRCL) Stock

Circle Internet Group, Inc. (NYSE:CRCL) insider Nikhil Chandhok sold 489,737 shares of Circle Internet Group stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the sale, the insider owned 521,809 shares of the company’s stock, valued at $37,763,317.33. This trade represents a 48.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nikhil Chandhok also recently made the following trade(s):

• On Monday, June 8th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The stock was sold at an average price of $83.75, for a total transaction of $2,233,277.50.
• On Thursday, May 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $111.00, for a total transaction of $1,110,000.00.
• On Tuesday, April 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The shares were sold at an average price of $104.00, for a total transaction of $1,040,000.00.

Circle Internet Group Stock Performance

Shares of CRCL stock traded up $4.74 during trading on Friday, hitting $73.55. The company had a trading volume of 14,370,077 shares, compared to its average volume of 15,061,885. The firm has a market capitalization of $18.28 billion and a P/E ratio of -22.98. The stock’s 50-day moving average price is $99.16 and its 200 day moving average price is $89.89. Circle Internet Group, Inc. has a one year low of $49.90 and a one year high of $262.97.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The company had revenue of $694.13 million for the quarter. The business’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts anticipate that Circle Internet Group, Inc. will post 1.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRCL. KeyCorp started coverage on Circle Internet Group in a research report on Tuesday, May 26th. They issued a “sector weight” rating on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Circle Internet Group in a research report on Monday, April 20th. Needham & Company LLC increased their price objective on shares of Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Mizuho decreased their target price on shares of Circle Internet Group from $135.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, June 5th. Finally, Freedom Capital upgraded shares of Circle Internet Group to a “hold” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $134.18.

Institutional Trading of Circle Internet Group

Institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning acquired a new stake in Circle Internet Group in the second quarter valued at about $295,000. Arrowstreet Capital Limited Partnership acquired a new position in Circle Internet Group during the second quarter worth about $1,474,000. Invesco Ltd. bought a new position in shares of Circle Internet Group in the second quarter worth about $47,640,000. EverSource Wealth Advisors LLC bought a new position in shares of Circle Internet Group in the second quarter worth about $27,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $2,649,000.

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 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.