Circle Internet Group (NYSE:CRCL) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen cut shares of Circle Internet Group (NYSE:CRCL) from a sell rating to a strong sell rating in a report published on Sunday,Wall Street Zen reports.

A number of other brokerages have also weighed in on CRCL. HC Wainwright decreased their target price on shares of Circle Internet Group from $115.00 to $104.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Robert W. Baird cut their price objective on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Keefe, Bruyette & Woods initiated coverage on shares of Circle Internet Group in a research note on Tuesday, September 8th. They set a “market perform” rating and a $105.00 price target on the stock. Wolfe Research upped their price target on shares of Circle Internet Group from $50.00 to $65.00 and gave the stock an “underperform” rating in a research report on Tuesday, August 25th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $140.00 target price on shares of Circle Internet Group in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $97.82.

Circle Internet Group Stock Performance

NYSE:CRCL opened at $84.65 on Friday. Circle Internet Group has a fifty-two week low of $49.90 and a fifty-two week high of $159.47. The firm has a market cap of $21.49 billion, a P/E ratio of 57.98 and a beta of 0.73. The firm has a 50-day simple moving average of $84.16 and a two-hundred day simple moving average of $87.08.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings data 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 during the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($4.48) earnings per share. On average, equities research analysts predict that Circle Internet Group will post 1.08 EPS for the current year.

Insiders Place Their Bets

In other Circle Internet Group news, Director Danita Ostling sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $61.65, for a total transaction of $1,233,000.00. Following the completion of the sale, the director directly owned 4,608 shares of the company’s stock, valued at $284,083.20. This trade represents a 81.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jeremy Allaire sold 56,200 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $62.03, for a total transaction of $3,486,086.00. Following the sale, the chief executive officer directly owned 398,179 shares of the company’s stock, valued at approximately $24,699,043.37. This trade represents a 12.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 485,657 shares of company stock worth $39,207,306 over the last ninety days. 10.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Circle Internet Group

Several institutional investors have recently bought and sold shares of the stock. Avaii Wealth Management LLC purchased a new position in Circle Internet Group in the third quarter worth about $267,000. GAMMA Investing LLC raised its position in Circle Internet Group by 23.9% during the third quarter. GAMMA Investing LLC now owns 886 shares of the company’s stock valued at $73,000 after purchasing an additional 171 shares during the period. CoreCap Advisors LLC lifted its stake in shares of Circle Internet Group by 293.8% in the 3rd quarter. CoreCap Advisors LLC now owns 9,656 shares of the company’s stock valued at $793,000 after purchasing an additional 7,204 shares during the last quarter. Everhart Financial Group Inc. bought a new stake in shares of Circle Internet Group in the 3rd quarter valued at approximately $240,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Circle Internet Group by 170.0% in the 3rd quarter. Versant Capital Management Inc now owns 656 shares of the company’s stock worth $54,000 after purchasing an additional 413 shares during the period.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company that develops infrastructure for digital currencies and blockchain-based payments. Its primary product is USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a stable value and support digital transactions, payments and transfers across blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

The company provides institutional and developer-focused services through Circle Mint, which enables eligible businesses to create, redeem and manage USDC and access related payment and treasury tools.