Circle Internet Group (NYSE:CRCL) Shares Down 9.6% – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price dropped 9.6% on Friday . The company traded as low as $111.39 and last traded at $112.0470. Approximately 4,526,528 shares traded hands during trading, a decline of 71% from the average daily volume of 15,624,821 shares. The stock had previously closed at $123.88.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRCL shares. William Blair restated an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, February 25th. JPMorgan Chase & Co. decreased their target price on shares of Circle Internet Group from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, February 10th. Clear Str upgraded shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 16th. Compass Point restated a “sell” rating and issued a $77.00 target price (down from $79.00) on shares of Circle Internet Group in a research report on Thursday, April 9th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $160.00 target price on shares of Circle Internet Group in a research report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Circle Internet Group has an average rating of “Hold” and a consensus price target of $131.76.

Circle Internet Group Price Performance

The firm’s fifty day moving average price is $106.70 and its 200-day moving average price is $89.99. The firm has a market capitalization of $27.64 billion and a P/E ratio of -35.19.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.06). The company had revenue of $694.13 million during the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm’s revenue was up 20.0% compared to the same quarter last year. Analysts expect that Circle Internet Group, Inc. will post 0.86 earnings per share for the current year.

Insider Buying and Selling at Circle Internet Group

In related news, CFO Jeremy Fox-Geen sold 4,238 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $107.10, for a total transaction of $453,889.80. Following the completion of the sale, the chief financial officer directly owned 355,611 shares of the company’s stock, valued at $38,085,938.10. This represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Danita K. Ostling sold 1,200 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $132.06, for a total transaction of $158,472.00. Following the sale, the director directly owned 22,590 shares of the company’s stock, valued at approximately $2,983,235.40. This represents a 5.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 618,664 shares of company stock valued at $60,410,221. Corporate insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds have recently made changes to their positions in CRCL. Creative Planning purchased a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $295,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $1,474,000. Invesco Ltd. purchased a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $47,640,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $27,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $2,649,000.

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.