Circle Internet Group (NYSE:CRCL) Insider Nikhil Chandhok Sells 489,737 Shares of Stock

Circle Internet Group, Inc. (NYSE:CRCL) insider Nikhil Chandhok sold 489,737 shares of Circle Internet Group stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the transaction, the insider directly owned 521,809 shares in the company, valued at $37,763,317.33. The trade was a 48.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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.

Nikhil Chandhok also recently made the following trade(s):

• On Monday, June 8th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The shares were sold at an average price of $83.75, for a total transaction of $2,233,277.50.
• On Thursday, May 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $111.00, for a total transaction of $1,110,000.00.
• On Tuesday, April 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $104.00, for a total transaction of $1,040,000.00.

Circle Internet Group Stock Up 6.9%

Shares of CRCL stock opened at $73.55 on Friday. Circle Internet Group, Inc. has a 12-month low of $49.90 and a 12-month high of $262.97. The firm has a fifty day moving average of $98.51 and a 200-day moving average of $89.78. The firm has a market capitalization of $18.28 billion and a price-to-earnings ratio of -22.98.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.06). The business had revenue of $694.13 million for the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The business’s quarterly revenue was up 20.0% on a year-over-year basis. Research analysts expect that Circle Internet Group, Inc. will post 1.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRCL has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price objective on Circle Internet Group from $111.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $101.00 target price on shares of Circle Internet Group in a research note on Tuesday, May 12th. Weiss Ratings restated a “sell (d)” rating on shares of Circle Internet Group in a report on Monday, April 20th. Wall Street Zen lowered shares of Circle Internet Group from a “hold” rating to a “sell” rating in a research note on Saturday, April 11th. Finally, Clear Str upgraded shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Circle Internet Group currently has an average rating of “Hold” and a consensus price target of $134.18.

Institutional Trading of Circle Internet Group

Large investors have recently added to or reduced their stakes in the company. General Catalyst Group Management LLC acquired a new position in shares of Circle Internet Group during the 2nd quarter worth about $3,647,694,000. IDG Accel China Capital II Associates L.P. acquired a new stake in Circle Internet Group in the 4th quarter valued at about $554,792,000. Accel XI Associates L.L.C. bought a new position in Circle Internet Group during the fourth quarter worth about $513,844,000. Southpoint Capital Advisors LP grew its holdings in Circle Internet Group by 175.0% during the first quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock worth $314,853,000 after purchasing an additional 2,100,000 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Circle Internet Group during the fourth quarter worth approximately $163,948,000.

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.