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

Circle Internet Group (NYSE:CRCL) was downgraded by Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday.

A number of other research analysts also recently issued reports on CRCL. William Blair reiterated an “outperform” rating on shares of Circle Internet Group in a report on Thursday, June 11th. Robert W. Baird reduced their price target on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a research report on Monday, July 13th. Wells Fargo & Company raised their price target on shares of Circle Internet Group from $111.00 to $142.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $140.00 price objective on shares of Circle Internet Group in a report on Wednesday. Finally, Needham & Company LLC boosted their price objective on shares of Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Circle Internet Group has an average rating of “Hold” and a consensus target price of $109.81.

Circle Internet Group Trading Down 0.1%

Shares of NYSE CRCL opened at $62.55 on Friday. The company has a fifty day moving average price of $76.03 and a 200 day moving average price of $86.63. The firm has a market cap of $15.55 billion, a PE ratio of -19.55 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 released 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 firm 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%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. Equities research analysts forecast that Circle Internet Group will post 0.79 EPS for the current year.

Insider Activity

In related news, CEO Jeremy Allaire sold 56,200 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $82.93, for a total transaction of $4,660,666.00. Following the completion of the transaction, the chief executive officer directly 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 SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Patrick Sean Neville sold 1,034,396 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $82.87, for a total value of $85,720,396.52. Following the completion of the transaction, the director owned 2,018 shares of the company’s stock, valued at approximately $167,231.66. This represents a 99.81% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,907,229 shares of company stock valued at $151,041,167. Corporate insiders own 10.85% of the company’s stock.

Hedge Funds Weigh In On Circle Internet Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bartlett & CO. Wealth Management LLC acquired a new position in Circle Internet Group during the fourth quarter worth $25,000. Larson Financial Group LLC lifted its stake in Circle Internet Group by 3,800.0% in the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Circle Internet Group in the second quarter valued at $27,000. Bellevue Asset Management LLC acquired a new stake in Circle Internet Group in the fourth quarter valued at $29,000. Finally, Harbour Investments Inc. grew its position in shares of Circle Internet Group by 170.0% in the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after acquiring an additional 238 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.