Circle Internet Group (NYSE:CRCL) Trading Down 7.9% – Should You Sell?

Circle Internet Group, Inc. (NYSE:CRCL)’s share price traded down 7.9% on Thursday . The stock traded as low as $79.32 and last traded at $78.0850. 6,902,456 shares changed hands during trading, a decline of 14% from the average session volume of 8,013,844 shares. The stock had previously closed at $84.80.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Wolfe Research began coverage on Circle Internet Group in a report on Tuesday, December 2nd. They set an “underperform” rating and a $60.00 target price on the stock. Monness Crespi & Hardt assumed coverage on shares of Circle Internet Group in a report on Monday, November 10th. They issued a “buy” rating and a $150.00 price objective on the stock. JMP Securities began coverage on shares of Circle Internet Group in a report on Tuesday, September 30th. They set a “market perform” rating for the company. Citizens Jmp began coverage on shares of Circle Internet Group in a report on Tuesday, September 30th. They issued a “market perform” rating on the stock. Finally, Rothschild & Co Redburn assumed coverage on Circle Internet Group in a report on Friday, October 3rd. They set a “neutral” rating and a $136.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $139.29.

Circle Internet Group Trading Up 2.9%

The stock’s 50-day simple moving average is $81.42 and its 200-day simple moving average is $126.40. The stock has a market cap of $18.56 billion and a price-to-earnings ratio of -34.42.

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

Insider Buying and Selling

In related news, Director Patrick Sean Neville sold 33,569 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $85.05, for a total transaction of $2,855,043.45. Following the completion of the sale, the director owned 33,568 shares of the company’s stock, valued at $2,854,958.40. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Jeremy Fox-Geen sold 23,830 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,144,700.00. Following the completion of the transaction, the chief financial officer directly owned 282,173 shares in the company, valued at approximately $25,395,570. This represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 722,089 shares of company stock worth $58,540,227 in the last ninety days.

Institutional Investors Weigh In On Circle Internet Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baader Bank Aktiengesellschaft bought a new position in shares of Circle Internet Group in the 2nd quarter valued at $1,083,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Circle Internet Group in the second quarter valued at about $673,000. Masso Torrence Wealth Management Inc. bought a new position in Circle Internet Group in the second quarter valued at about $245,000. Compagnie Lombard Odier SCmA acquired a new position in Circle Internet Group during the second quarter worth about $79,000. Finally, North Star Investment Management Corp. bought a new position in shares of Circle Internet Group in the second quarter worth about $34,000.

Circle Internet Group Company Profile

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 USD Coin (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.