Circle Internet Group (NYSE:CRCL) Shares Down 5.8% – Time to Sell?

Circle Internet Group, Inc. (NYSE:CRCL) dropped 5.8% on Friday . The company traded as low as $82.03 and last traded at $83.3980. Approximately 13,733,353 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 18,481,117 shares. The stock had previously closed at $88.57.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised Circle Internet Group from an “underweight” rating to an “overweight” rating and upped their target price for the company from $94.00 to $100.00 in a report on Thursday, November 13th. Needham & Company LLC reduced their price objective on Circle Internet Group from $250.00 to $190.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Baird R W raised Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Wells Fargo & Company cut their price target on shares of Circle Internet Group from $160.00 to $128.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Finally, Wall Street Zen lowered shares of Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $144.69.

Circle Internet Group Price Performance

The company’s 50-day simple moving average is $105.72.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings data on Wednesday, November 12th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.44. The firm had revenue of $739.76 million during the quarter. The firm’s revenue for the quarter was up 65.9% on a year-over-year basis.

Insider Buying and Selling at Circle Internet Group

In other news, Director Danita K. Ostling sold 2,662 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $84.69, for a total value of $225,444.78. Following the sale, the director owned 26,290 shares of the company’s stock, valued at $2,226,500.10. The trade was a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nikhil Chandhok sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $77.08, for a total transaction of $7,708,000.00. Following the completion of the transaction, the insider directly owned 493,639 shares of the company’s stock, valued at approximately $38,049,694.12. This trade represents a 16.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 618,847 shares of company stock worth $49,268,665 over the last three months.

Hedge Funds Weigh In On Circle Internet Group

Hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC lifted its holdings in Circle Internet Group by 3,800.0% during the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 190 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Circle Internet Group during the third quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group during the second quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Circle Internet Group in the third quarter worth about $32,000. Finally, Montag A & Associates Inc. bought a new position in shares of Circle Internet Group in the third quarter valued at approximately $33,000.

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.