Circle Internet Group, Inc. (NYSE:CRCL) Receives Consensus Recommendation of “Hold” from Brokerages

Circle Internet Group, Inc. (NYSE:CRCL) has been given an average recommendation of “Hold” by the twenty-seven brokerages that are currently covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $96.8235.

Several equities research analysts have recently commented on CRCL shares. TD Cowen started coverage on shares of Circle Internet Group in a research note on Monday, August 3rd. They issued a “buy” rating and a $82.00 target price on the stock. Raymond James Financial initiated coverage on shares of Circle Internet Group in a research report on Tuesday, July 21st. They set a “market perform” rating for the company. Susquehanna started coverage on shares of Circle Internet Group in a report on Wednesday, July 1st. They set a “neutral” rating and a $69.00 price target for the company. Freedom Capital upgraded shares of Circle Internet Group to a “hold” rating in a research report on Tuesday, April 21st. Finally, Robert W. Baird decreased their price objective on shares of Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th.

Insider Buying and Selling

In related news, Director Patrick Sean Neville sold 1,034,396 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $82.87, for a total transaction of $85,720,396.52. Following the completion of the sale, the director directly owned 2,018 shares of the company’s stock, valued at $167,231.66. This trade represents a 99.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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. Also, insider Hossein Razzaghi sold 34,623 shares of Circle Internet Group stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total value of $2,730,023.55. Following the completion of the transaction, the insider owned 666,404 shares of the company’s stock, valued at approximately $52,545,955.40. The trade was a 4.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 2,027,497 shares of company stock valued at $157,496,368 in the last ninety days. 10.85% of the stock is owned by corporate insiders.

Institutional Trading of Circle Internet Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRCL. General Catalyst Group Management LLC acquired a new position in Circle Internet Group during the 2nd quarter worth about $3,647,694,000. Marshall Wace LLP increased its position in Circle Internet Group by 23.8% in the 4th quarter. Marshall Wace LLP now owns 9,978,729 shares of the company’s stock valued at $791,313,000 after acquiring an additional 1,919,205 shares in the last quarter. IDG Accel China Capital II Associates L.P. acquired a new stake in Circle Internet Group in the 4th quarter valued at about $554,792,000. Accel XI Associates L.L.C. bought a new position in shares of Circle Internet Group in the fourth quarter worth about $513,844,000. Finally, Vanguard Group Inc. raised its stake in shares of Circle Internet Group by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,653,110 shares of the company’s stock worth $448,292,000 after acquiring an additional 74,414 shares during the last quarter.

Circle Internet Group Trading Up 0.8%

NYSE CRCL opened at $67.23 on Tuesday. Circle Internet Group has a 1-year low of $49.90 and a 1-year high of $189.92. The company has a market capitalization of $16.71 billion, a price-to-earnings ratio of 46.05 and a beta of 0.22. The stock’s 50 day moving average is $70.80 and its two-hundred day moving average is $86.00.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The company had revenue of $701.32 million during the quarter. During the same quarter last year, the business earned ($4.48) EPS. Circle Internet Group’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts predict that Circle Internet Group will post 0.88 earnings per share for the current year.

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.