Gabelli Funds LLC Purchases Shares of 8,000 Circle Internet Group, Inc. $CRCL

Gabelli Funds LLC purchased a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,000 shares of the company’s stock, valued at approximately $763,000.

A number of other hedge funds have also recently made changes to their positions in CRCL. Bartlett & CO. Wealth Management LLC purchased a new position in Circle Internet Group in the 4th quarter worth $25,000. Larson Financial Group LLC boosted its position in Circle Internet Group by 3,800.0% during the third 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 period. EverSource Wealth Advisors LLC purchased a new stake in Circle Internet Group during the second quarter valued at about $27,000. Bellevue Asset Management LLC bought a new position in shares of Circle Internet Group during the fourth quarter valued at about $29,000. Finally, Harbour Investments Inc. grew its stake in shares of Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after buying an additional 238 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Jeremy Allaire sold 3,032 shares of Circle Internet Group stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $67.16, for a total transaction of $203,629.12. Following the completion of the transaction, the chief executive officer directly owned 63,346 shares in the company, valued at approximately $4,254,317.36. This trade represents a 4.57% decrease in their ownership of the stock. The transaction 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, Director Patrick Sean Neville sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $62.65, for a total value of $3,132,500.00. Following the completion of the sale, the director directly owned 2,018 shares in the company, valued at approximately $126,427.70. This represents a 96.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,914,327 shares of company stock valued at $151,802,213. Insiders own 10.85% of the company’s stock.

Circle Internet Group Trading Up 4.9%

CRCL opened at $64.38 on Friday. Circle Internet Group, Inc. has a 12-month low of $49.90 and a 12-month high of $189.92. The company has a market cap of $16.00 billion and a price-to-earnings ratio of -20.12. The stock has a fifty day simple moving average of $77.04 and a two-hundred day simple moving average of $86.77.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings results 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 business had revenue of $694.13 million during 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. On average, analysts predict that Circle Internet Group, Inc. will post 0.86 EPS for the current year.

Wall Street Analysts Forecast Growth

CRCL has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on Circle Internet Group from $80.00 to $106.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $101.00 price target on shares of Circle Internet Group in a research report on Tuesday, May 12th. Needham & Company LLC lifted their price target on Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a research report on Thursday, June 11th. Finally, The Goldman Sachs Group dropped their price objective on Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $110.12.

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.