Circle Internet Group (NYSE:CRCL) Trading Up 7.7% – What’s Next?

Circle Internet Group, Inc. (NYSE:CRCL) was up 7.7% during mid-day trading on Friday . The stock traded as high as $97.34 and last traded at $97.8350. Approximately 3,007,365 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 14,562,628 shares. The stock had previously closed at $90.88.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CRCL shares. Morgan Stanley set a $80.00 price target on Circle Internet Group in a report on Monday, April 20th. Compass Point reissued a “sell” rating and issued a $77.00 price target (down from $79.00) on shares of Circle Internet Group in a report on Thursday, April 9th. Mizuho raised their price target on Circle Internet Group from $100.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, March 13th. Canaccord Genuity Group reissued a “buy” rating and issued a $160.00 price target on shares of Circle Internet Group in a report on Wednesday, March 25th. Finally, Robert W. Baird lifted their target price on Circle Internet Group from $110.00 to $138.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $127.24.

Circle Internet Group Price Performance

The company has a market capitalization of $24.45 billion and a price-to-earnings ratio of -53.23. The business has a fifty day moving average price of $100.04 and a 200 day moving average price of $91.18.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.18. The business 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. Research analysts anticipate that Circle Internet Group, Inc. will post 0.84 earnings per share for the current year.

Insider Activity at Circle Internet Group

In other news, Director M Michele Burns sold 80,000 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $94.88, for a total value of $7,590,400.00. Following the sale, the director owned 305,230 shares of the company’s stock, valued at approximately $28,960,222.40. The trade was a 20.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rajeev V. Date sold 23,254 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $89.62, for a total value of $2,084,023.48. The SEC filing for this sale provides additional information. In the last three months, insiders sold 555,874 shares of company stock valued at $54,031,625. 10.85% of the stock is owned by corporate insiders.

Institutional Trading of Circle Internet Group

A number of hedge funds and other institutional investors have recently modified their holdings of CRCL. Bartlett & CO. Wealth Management LLC bought a new stake in shares of Circle Internet Group in the 4th quarter worth $25,000. Larson Financial Group LLC raised its stake in shares of Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after buying an additional 190 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Circle Internet Group in the 3rd quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Circle Internet Group in the 2nd quarter worth $27,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Circle Internet Group in the 4th quarter worth $29,000.

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 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.