Circle Internet Group (NYSE:CRCL) Sees Unusually-High Trading Volume – Should You Buy?

Circle Internet Group, Inc. (NYSE:CRCL) shares saw strong trading volume on Friday . 8,455,429 shares traded hands during mid-day trading, a decline of 42% from the previous session’s volume of 14,703,860 shares.The stock last traded at $92.10 and had previously closed at $83.66.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRCL. Robert W. Baird reduced their price objective on shares of 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. KeyCorp assumed coverage on shares of Circle Internet Group in a report on Tuesday, May 26th. They issued a “sector weight” rating on the stock. The Goldman Sachs Group set a $71.00 target price on shares of Circle Internet Group in a research note on Thursday, August 6th. Sanford C. Bernstein restated an “outperform” rating and set a $140.00 target price on shares of Circle Internet Group in a report on Wednesday, July 29th. Finally, Susquehanna initiated coverage on Circle Internet Group in a research note on Wednesday, July 1st. They issued a “neutral” rating and a $69.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $97.12.

Circle Internet Group Stock Up 6.8%

The stock has a market capitalization of $22.69 billion, a PE ratio of 61.22 and a beta of 0.23. The stock’s 50-day moving average is $69.01 and its 200 day moving average is $86.27.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.08). Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The company had revenue of $701.32 million during the quarter. During the same period last year, the firm posted ($4.48) EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts forecast that Circle Internet Group, Inc. will post 1.04 EPS for the current year.

Insider Buying and Selling at Circle Internet Group

In other Circle Internet Group news, CEO Jeremy Allaire sold 56,200 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $62.03, for a total value of $3,486,086.00. Following the transaction, the chief executive officer directly owned 398,179 shares of the company’s stock, valued at $24,699,043.37. This represents a 12.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 26,666 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $67.15, for a total value of $1,790,621.90. Following the sale, the insider directly owned 717,920 shares of the company’s stock, valued at $48,208,328. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,052,639 shares of company stock valued at $158,812,690 in the last quarter. Corporate insiders own 10.85% of the company’s stock.

Hedge Funds Weigh In On Circle Internet Group

A number of hedge funds have recently added to or reduced their stakes in CRCL. Creative Planning bought a new position in Circle Internet Group during the second quarter valued at about $295,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Circle Internet Group in the second quarter worth about $1,474,000. Invesco Ltd. acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $47,640,000. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group during the 2nd quarter valued at approximately $27,000. Finally, Baird Financial Group Inc. bought a new stake in Circle Internet Group during the 2nd quarter valued at approximately $2,649,000.

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.