Circle Internet Group (NYSE:CRCL) Trading Up 6% – What’s Next?

Shares of Circle Internet Group, Inc. (NYSE:CRCL) were up 6% on Tuesday . The company traded as high as $89.98 and last traded at $89.0220. Approximately 14,459,507 shares were traded during trading, a decline of 22% from the average daily volume of 18,653,238 shares. The stock had previously closed at $83.96.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CRCL shares. Wall Street Zen raised shares of Circle Internet Group from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Mizuho reduced their price objective on shares of Circle Internet Group from $84.00 to $70.00 and set an “underperform” rating for the company in a research note on Friday, November 14th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating for the company in a report on Thursday, November 13th. Canaccord Genuity Group reissued a “buy” rating and set a $247.00 price target on shares of Circle Internet Group in a report on Thursday, September 11th. Finally, Robert W. Baird dropped their price objective on Circle Internet Group from $144.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Circle Internet Group has an average rating of “Hold” and a consensus target price of $144.69.

Circle Internet Group Price Performance

The business has a 50 day moving average of $106.97.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Wednesday, November 12th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.44. The firm had revenue of $739.76 million during the quarter. The business’s revenue for the quarter was up 65.9% compared to the same quarter last year.

Insiders Place Their Bets

In related news, CAO Tamara L. Schulz sold 1,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $78.02, for a total transaction of $78,020.00. Following the completion of the transaction, the chief accounting officer owned 89,317 shares in the company, valued at $6,968,512.34. The trade was a 1.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nikhil Chandhok sold 100,000 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $77.08, for a total value of $7,708,000.00. Following the completion of the sale, the insider owned 493,639 shares in the company, valued at approximately $38,049,694.12. The trade was a 16.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 618,847 shares of company stock valued at $49,268,665 over the last quarter.

Hedge Funds Weigh In On Circle Internet Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. General Catalyst Group Management LLC purchased a new position in Circle Internet Group during the 2nd quarter worth $3,647,694,000. Marshall Wace LLP purchased a new stake in Circle Internet Group in the second quarter valued at about $1,547,214,000. Vanguard Group Inc. boosted its holdings in Circle Internet Group by 61.6% in the third quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock worth $739,624,000 after acquiring an additional 2,126,072 shares in the last quarter. ARK Investment Management LLC grew its stake in shares of Circle Internet Group by 1.5% during the third quarter. ARK Investment Management LLC now owns 2,966,940 shares of the company’s stock worth $393,357,000 after acquiring an additional 42,537 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Circle Internet Group by 282.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,299,374 shares of the company’s stock worth $172,271,000 after acquiring an additional 959,309 shares during the last quarter.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.