Circle Internet Group (NYSE:CRCL) Stock Price Up 10.5% – Still a Buy?

Shares of Circle Internet Group, Inc. (NYSE:CRCL) traded up 10.5% during trading on Thursday . The company traded as high as $68.19 and last traded at $68.4290. Approximately 5,069,972 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 15,170,671 shares. The stock had previously closed at $61.95.

Analyst Upgrades and Downgrades

CRCL has been the topic of a number of research reports. 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. HC Wainwright upgraded shares of Circle Internet Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $150.00 in a research report on Monday, May 18th. Compass Point raised shares of Circle Internet Group from a “sell” rating to a “neutral” rating and dropped their price target for the stock from $97.00 to $55.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $101.00 price target on shares of Circle Internet Group in a research note on Tuesday, May 12th. Finally, William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a research note on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Circle Internet Group currently has an average rating of “Hold” and an average target price of $117.38.

Circle Internet Group Stock Up 6.6%

The stock has a market cap of $16.42 billion and a P/E ratio of -20.61. The stock has a fifty day simple moving average of $96.14 and a 200-day simple moving average of $89.36.

Circle Internet Group (NYSE:CRCL) last announced its quarterly 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). 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%. Circle Internet Group’s revenue was up 20.0% compared to the same quarter last year. Sell-side analysts anticipate that Circle Internet Group, Inc. will post 1.02 earnings per share for the current year.

Insider Activity

In other Circle Internet Group news, CEO Jeremy Allaire sold 56,200 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $82.93, for a total value of $4,660,666.00. Following the completion of the sale, the chief executive officer owned 510,579 shares of the company’s stock, valued at approximately $42,342,316.47. This represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the sale, the insider owned 521,809 shares in the company, valued at approximately $37,763,317.33. This trade represents a 48.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last 90 days, insiders have sold 1,848,089 shares of company stock valued at $149,679,825. 10.85% of the stock is currently owned by company insiders.

Institutional Trading of Circle Internet Group

Large investors have recently made changes to their positions in the company. Creative Planning bought a new position in Circle Internet Group during the second quarter worth about $295,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Circle Internet Group in the second quarter worth about $1,474,000. Invesco Ltd. acquired a new stake in shares of Circle Internet Group during the second quarter worth about $47,640,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group during the second quarter worth about $27,000. Finally, Baird Financial Group Inc. bought a new position in shares of Circle Internet Group during the 2nd quarter valued at about $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.