Circle Internet Group (NYSE:CRCL) Stock: Insider Nikhil Chandhok Sells 26,668 Shares

Circle Internet Group, Inc. (NYSE:CRCL) insider Nikhil Chandhok sold 26,668 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $66.09, for a total value of $1,762,488.12. Following the transaction, the insider owned 708,181 shares of the company’s stock, valued at approximately $46,803,682.29. This trade represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, October 8th, Nikhil Chandhok sold 26,668 shares of Circle Internet Group stock. The stock was sold at an average price of $79.59, for a total transaction of $2,122,506.12.
• On Tuesday, September 8th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The stock was sold at an average price of $100.40, for a total transaction of $2,677,266.40.

Circle Internet Group Trading Down 4.1%

NYSE CRCL traded down $2.75 on Tuesday, reaching $64.81. 8,616,585 shares of the stock were exchanged, compared to its average volume of 14,212,983. Circle Internet Group, Inc. has a one year low of $49.90 and a one year high of $140.00. The firm has a market capitalization of $16.45 billion, a PE ratio of 39.04 and a beta of 0.84. The company’s 50-day simple moving average is $85.06 and its two-hundred day simple moving average is $85.61.

Circle Internet Group (NYSE:CRCL) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.42. The business had revenue of $864.89 million during the quarter. Circle Internet Group had a net margin of 15.27% and a return on equity of 13.52%. The business’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.64 earnings per share. Sell-side analysts forecast that Circle Internet Group, Inc. will post 1.20 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Circle Internet Group

Several institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. lifted its stake in Circle Internet Group by 24.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,970,939 shares of the company’s stock worth $326,292,000 after purchasing an additional 785,213 shares in the last quarter. Southpoint Capital Advisors LP increased its holdings in shares of Circle Internet Group by 175.0% in 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 last quarter. Amova Asset Management Americas Inc. increased its holdings in shares of Circle Internet Group by 13.4% in the first quarter. Amova Asset Management Americas Inc. now owns 2,914,947 shares of the company’s stock worth $278,173,000 after purchasing an additional 344,539 shares during the last quarter. SBI Holdings USA Inc. purchased a new stake in shares of Circle Internet Group in the second quarter worth about $101,084,820. Finally, Accel XI Associates L.L.C. purchased a new stake in shares of Circle Internet Group in the second quarter worth about $56,999,563.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler raised shares of Circle Internet Group to a “neutral” rating in a report on Thursday, November 5th. Morgan Stanley cut Circle Internet Group from an “underweight” rating to a “cautious” rating in a report on Thursday, November 5th. Mizuho set a $46.00 price objective on Circle Internet Group in a research report on Thursday, November 5th. William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Finally, Citigroup assumed coverage on Circle Internet Group in a research report on Thursday, November 5th. They set a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $91.44.

Circle Internet Group Company Profile

Circle Internet Group develops digital financial infrastructure centered on stablecoins and blockchain-based payments. Its principal products include USDC, a U.S. dollar-pegged stablecoin, and EURC, a euro-pegged stablecoin. The company also provides services and software that help businesses use digital currencies for payments and financial applications. Circle Mint is a platform for eligible institutions to mint and redeem USDC and EURC. Circle also offers developer tools and infrastructure, including its Cross-Chain Transfer Protocol, which supports the movement of USDC across compatible blockchains.