Circle Internet Group (NYSE:CRCL) Stock Price Up 13.2% – Should You Buy?

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price traded up 13.2% during mid-day trading on Monday . The company traded as high as $92.36 and last traded at $94.4660. 8,095,891 shares traded hands during trading, a decline of 36% from the average session volume of 12,654,630 shares. The stock had previously closed at $83.44.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Circle Internet Group from $100.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 10th. William Blair reissued an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday. Wall Street Zen upgraded shares of Circle Internet Group from a “sell” rating to a “hold” rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft cut their price target on Circle Internet Group from $147.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, November 13th. Finally, Zacks Research cut Circle Internet Group from a “hold” rating to a “strong sell” rating in a research report on Monday, February 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $122.12.

Circle Internet Group Trading Up 13.0%

The company has a market cap of $22.20 billion and a price-to-earnings ratio of -41.03. The business has a 50-day moving average price of $72.17 and a 200 day moving average price of $99.61.

Circle Internet Group (NYSE:CRCL) last announced its earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. The company had revenue of $770.23 million for the quarter. The company’s revenue for the quarter was up 76.9% compared to the same quarter last year.

Insider Buying and Selling

In other news, Director Patrick Sean Neville sold 30,000 shares of Circle Internet Group stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $90.00, for a total value of $2,700,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Tamara L. Schulz sold 4,438 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $85.19, for a total transaction of $378,073.22. Following the completion of the sale, the chief accounting officer owned 82,679 shares of the company’s stock, valued at approximately $7,043,424.01. This trade represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 105,769 shares of company stock valued at $9,440,896.

Institutional Trading of Circle Internet Group

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

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 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.