Circle Internet Group (NYSE:CRCL) Stock Price Up 7.9% on Analyst Upgrade

Circle Internet Group, Inc. (NYSE:CRCL) rose 7.9% during trading on Monday after Mizuho raised their price target on the stock from $100.00 to $120.00. Mizuho currently has a neutral rating on the stock. Circle Internet Group traded as high as $125.75 and last traded at $124.5320. 8,686,490 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 14,636,678 shares. The stock had previously closed at $115.38.

A number of other equities research analysts have also recently weighed in on the stock. Wolfe Research began coverage on shares of Circle Internet Group in a research note on Tuesday, December 2nd. They set an “underperform” rating and a $60.00 price objective on the stock. Canaccord Genuity Group cut their target price on shares of Circle Internet Group from $247.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Robert W. Baird raised Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. HC Wainwright started coverage on Circle Internet Group in a report on Friday, December 19th. They set a “neutral” rating and a $85.00 price target on the stock. Finally, Sanford C. Bernstein set a $190.00 price target on Circle Internet Group in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $124.65.

Insider Buying and Selling

In other Circle Internet Group news, President Heath Tarbert sold 43,694 shares of Circle Internet Group stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $117.80, for a total transaction of $5,147,153.20. Following the sale, the president owned 599,156 shares in the company, valued at $70,580,576.80. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director M Michele Burns sold 25,000 shares of Circle Internet Group stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $105.00, for a total transaction of $2,625,000.00. Following the sale, the director owned 355,230 shares in the company, valued at approximately $37,299,150. This trade represents a 6.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 462,567 shares of company stock valued at $43,969,052.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC acquired a new position in shares of Circle Internet Group in the 2nd quarter valued at $27,000. PNC Financial Services Group Inc. grew its position in shares of Circle Internet Group by 14.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company’s stock valued at $154,000 after acquiring an additional 151 shares during the period. Larson Financial Group LLC grew its position in shares of Circle Internet Group by 3,800.0% in the 3rd 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 period. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Circle Internet Group in the 3rd quarter valued at about $27,000. Finally, Allworth Financial LP acquired a new stake in Circle Internet Group in the 2nd quarter valued at about $37,000.

Circle Internet Group Stock Up 7.4%

The business has a fifty day moving average of $77.42 and a 200 day moving average of $97.71. The firm has a market cap of $29.17 billion and a P/E ratio of -67.01.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.25 by $0.18. The company had revenue of $770.23 million during the quarter. The business’s quarterly revenue was up 76.9% compared to the same quarter last year.

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 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.