Circle Internet Group (NYSE:CRCL) Trading Down 5% – Here’s What Happened

Shares of Circle Internet Group, Inc. (NYSE:CRCL) were down 5% during mid-day trading on Tuesday . The company traded as low as $106.25 and last traded at $107.46. Approximately 6,712,477 shares traded hands during trading, a decline of 56% from the average daily volume of 15,410,006 shares. The stock had previously closed at $113.12.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRCL. Freedom Capital raised Circle Internet Group to a “hold” rating in a research note on Tuesday, April 21st. HC Wainwright raised Circle Internet Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $85.00 to $150.00 in a research report on Monday, May 18th. Mizuho raised their price objective on Circle Internet Group from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $101.00 price objective on shares of Circle Internet Group in a research report on Tuesday, May 12th. Finally, Wall Street Zen lowered Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Circle Internet Group has a consensus rating of “Hold” and a consensus target price of $137.12.

Circle Internet Group Stock Down 7.6%

The stock has a 50 day simple moving average of $107.11 and a 200 day simple moving average of $89.28. The company has a market capitalization of $25.81 billion and a price-to-earnings ratio of -32.68.

Circle Internet Group (NYSE:CRCL) last issued its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The company had revenue of $694.13 million during the quarter. Circle Internet Group’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, analysts forecast that Circle Internet Group, Inc. will post 1.04 EPS for the current year.

Insider Buying and Selling at Circle Internet Group

In other news, Director M Michele Burns sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $94.88, for a total transaction of $7,590,400.00. Following the completion of the transaction, the director directly owned 305,230 shares in the company, valued at approximately $28,960,222.40. The trade was a 20.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jeremy Fox-Geen sold 47,908 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $90.00, for a total value of $4,311,720.00. Following the transaction, the chief financial officer owned 261,059 shares of the company’s stock, valued at approximately $23,495,310. This represents a 15.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 628,664 shares of company stock valued at $61,520,221. 10.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRCL. Bartlett & CO. Wealth Management LLC bought a new stake in Circle Internet Group during the fourth quarter worth approximately $25,000. Larson Financial Group LLC grew its position 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 purchased a new position in Circle Internet Group during the 3rd quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Circle Internet Group during the 2nd quarter valued at $27,000. Finally, Bellevue Asset Management LLC purchased a new position in shares of Circle Internet Group during the 4th quarter valued at $29,000.

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 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.