Circle Internet Group (NYSE:CRCL) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Circle Internet Group (NYSE:CRCL) from a sell rating to a strong sell rating in a research report sent to investors on Saturday.

Several other equities analysts also recently weighed in on CRCL. Morgan Stanley lifted their target price on Circle Internet Group from $80.00 to $106.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 19th. Wells Fargo & Company upped their price target on Circle Internet Group from $111.00 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. The Goldman Sachs Group decreased their price objective on Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Robert W. Baird lowered their price objective on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating on the stock in a research report on Monday, July 13th. Finally, HC Wainwright upgraded Circle Internet Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $150.00 in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $104.18.

Circle Internet Group Price Performance

Shares of Circle Internet Group stock opened at $60.46 on Friday. The company’s fifty day simple moving average is $74.97 and its 200-day simple moving average is $86.47. The stock has a market capitalization of $15.03 billion, a PE ratio of -18.89 and a beta of 0.22. Circle Internet Group has a 1-year low of $49.90 and a 1-year high of $189.92.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The business had revenue of $694.13 million for 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 quarterly revenue was up 20.0% on a year-over-year basis. As a group, research analysts anticipate that Circle Internet Group will post 0.79 EPS for the current year.

Insider Activity

In related news, insider Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $63.90, for a total transaction of $1,703,957.40. Following the transaction, the insider owned 725,068 shares in the company, valued at approximately $46,331,845.20. The trade was a 3.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Hossein Razzaghi sold 1,831 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $64.40, for a total transaction of $117,916.40. Following the completion of the transaction, the insider directly owned 662,856 shares of the company’s stock, valued at $42,687,926.40. This represents a 0.28% decrease in their position. 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. Over the last ninety days, insiders sold 1,897,229 shares of company stock worth $149,839,667. 10.85% of the stock is currently owned by insiders.

Institutional Trading of Circle Internet Group

Several institutional investors have recently made changes to their positions in the business. General Catalyst Group Management LLC purchased a new position in shares of Circle Internet Group in the second quarter worth $3,647,694,000. IDG Accel China Capital II Associates L.P. purchased a new position in Circle Internet Group during the fourth quarter valued at $554,792,000. Accel XI Associates L.L.C. bought a new stake in Circle Internet Group in the 4th quarter valued at $513,844,000. Southpoint Capital Advisors LP increased its holdings in Circle Internet Group by 175.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after acquiring an additional 2,100,000 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Circle Internet Group during the fourth quarter valued at about $163,948,000.

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.