Circle Internet Group (NYSE:CRCL) Shares Up 4.4% – Still a Buy?

Circle Internet Group, Inc. (NYSE:CRCL) was up 4.4% during trading on Monday . The company traded as high as $91.20 and last traded at $90.95. 5,985,543 shares changed hands during trading, a decline of 60% from the average session volume of 14,794,157 shares. The stock had previously closed at $87.14.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRCL. Wells Fargo & Company boosted their target price on shares of Circle Internet Group from $111.00 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Robert W. Baird reduced their price target on shares of 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. Sanford C. Bernstein reiterated an “outperform” rating and issued a $140.00 price target on shares of Circle Internet Group in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $101.00 price target on shares of Circle Internet Group in a research note on Tuesday, May 12th. Finally, Weiss Ratings upgraded Circle Internet Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Circle Internet Group has an average rating of “Hold” and a consensus target price of $99.35.

Circle Internet Group Stock Performance

The company’s fifty day moving average price is $70.76 and its 200 day moving average price is $88.17. The firm has a market capitalization of $22.71 billion, a price-to-earnings ratio of 61.27 and a beta of 0.56.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). The business had revenue of $701.32 million for the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted ($4.48) earnings per share. As a group, sell-side analysts expect that Circle Internet Group, Inc. will post 1.05 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jeremy Allaire sold 56,200 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $82.93, for a total value of $4,660,666.00. Following the sale, the chief executive officer owned 510,579 shares of the company’s stock, valued at approximately $42,342,316.47. This trade represents a 9.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 489,737 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 521,809 shares of the company’s stock, valued at $37,763,317.33. This represents a 48.41% decrease in their position. The SEC filing for this sale provides additional information. 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 sold a total of 2,100,971 shares of company stock valued at $163,146,343 over the last 90 days. 10.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. grew its position in Circle Internet Group by 17.8% in the 4th quarter. Rockefeller Capital Management L.P. now owns 255,222 shares of the company’s stock worth $20,239,000 after purchasing an additional 38,567 shares during the last quarter. Travelers Companies Inc. bought a new stake in shares of Circle Internet Group during the fourth quarter valued at approximately $9,557,000. Fifth Third Bancorp bought a new stake in shares of Circle Internet Group during the first quarter valued at approximately $7,282,000. Alberta Investment Management Corp acquired a new position in shares of Circle Internet Group during the fourth quarter worth approximately $25,027,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Circle Internet Group by 13.3% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,917,764 shares of the company’s stock worth $278,384,000 after buying an additional 342,080 shares during the period.

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.