Zacks Research Downgrades Circle Internet Group (NYSE:CRCL) to Strong Sell

Circle Internet Group (NYSE:CRCL) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other analysts have also commented on CRCL. HC Wainwright began coverage on Circle Internet Group in a research note on Friday, December 19th. They set a “neutral” rating and a $85.00 price objective on the stock. Compass Point raised shares of Circle Internet Group from a “sell” rating to a “neutral” rating and set a $75.00 price target on the stock in a research note on Thursday, January 29th. Monness Crespi & Hardt assumed coverage on shares of Circle Internet Group in a research report on Monday, November 10th. They issued a “buy” rating and a $150.00 price objective for the company. Robert W. Baird raised shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 14th. Finally, Wall Street Zen lowered Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Circle Internet Group currently has an average rating of “Hold” and a consensus target price of $131.76.

Circle Internet Group Stock Performance

Shares of NYSE:CRCL opened at $61.64 on Monday. The business’s fifty day moving average price is $74.18 and its two-hundred day moving average price is $104.58. The stock has a market cap of $14.51 billion and a PE ratio of -26.92. Circle Internet Group has a one year low of $49.90 and a one year high of $298.99.

Insider Buying and Selling

In other Circle Internet Group news, CEO Jeremy Allaire sold 7,055 shares of Circle Internet Group stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $90.05, for a total transaction of $635,302.75. Following the transaction, the chief executive officer directly owned 77,572 shares of the company’s stock, valued at $6,985,358.60. The trade was a 8.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Jeremy Fox-Geen sold 23,830 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $90.00, for a total transaction of $2,144,700.00. Following the sale, the chief financial officer owned 282,173 shares of the company’s stock, valued at approximately $25,395,570. This represents a 7.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 360,016 shares of company stock worth $28,288,252.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRCL. Bartlett & CO. Wealth Management LLC bought a new position in shares of Circle Internet Group during the fourth quarter worth about $25,000. Larson Financial Group LLC raised its stake 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 in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new stake in Circle Internet Group during the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter worth approximately $27,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Circle Internet Group in the 4th quarter valued at approximately $29,000.

About Circle Internet Group

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 USD Coin (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.