Circle Internet Group (NYSE:CRCL) Shares Gap Down – Should You Sell?

Circle Internet Group, Inc. (NYSE:CRCL) gapped down before the market opened on Tuesday . The stock had previously closed at $75.96, but opened at $72.25. Circle Internet Group shares last traded at $69.6230, with a volume of 2,698,696 shares changing hands.

Analyst Ratings Changes

Several analysts have recently commented on CRCL shares. Zacks Research upgraded Circle Internet Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 17th. KeyCorp assumed coverage on Circle Internet Group in a research note on Tuesday, May 26th. They set a “sector weight” rating on the stock. Mizuho lowered their target price on Circle Internet Group from $135.00 to $85.00 and set a “neutral” rating on the stock in a research report on Friday, June 5th. Canaccord Genuity Group reiterated a “buy” rating and issued a $160.00 target price on shares of Circle Internet Group in a report on Wednesday, March 25th. Finally, Clear Str raised shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Circle Internet Group currently has an average rating of “Hold” and a consensus price target of $121.53.

Circle Internet Group Trading Down 13.4%

The firm has a market cap of $16.35 billion and a P/E ratio of -20.56. The company’s 50-day moving average is $97.88 and its two-hundred day moving average is $89.73.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The company had revenue of $694.13 million for the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.Circle Internet Group’s revenue for the quarter was up 20.0% compared to the same quarter last year. Research analysts anticipate that Circle Internet Group, Inc. will post 1.02 EPS for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In related news, President Heath Tarbert sold 39,240 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total transaction of $3,196,882.80. Following the completion of the sale, the president owned 502,558 shares in the company, valued at approximately $40,943,400.26. This represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 489,737 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $72.37, for a total value of $35,442,266.69. Following the completion of the sale, the insider directly owned 521,809 shares of the company’s stock, valued at $37,763,317.33. The trade was a 48.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold a total of 1,895,721 shares of company stock valued at $154,303,103 in the last three months. Insiders own 10.85% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRCL. Bartlett & CO. Wealth Management LLC purchased a new position in Circle Internet Group during the fourth quarter worth about $25,000. Larson Financial Group LLC increased its stake in Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in Circle Internet Group in the 2nd quarter valued at about $27,000. Bellevue Asset Management LLC purchased a new stake in Circle Internet Group in the 4th quarter valued at about $29,000. Finally, Harbour Investments Inc. lifted its position in shares of Circle Internet Group by 170.0% during the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock worth $30,000 after buying an additional 238 shares in the last quarter.

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.