Key Points
- Insider sale: Circle Internet Group insider Hossein Razzaghi sold 34,623 shares at an average price of $78.85, worth about $2.73 million, in a pre-arranged Rule 10b5-1 transaction. After the sale, he still owned 666,404 shares, a 4.94% reduction in his position.
- Stock weakness: CRCL shares were down 5.8% and opened at $77.85, trading well below both the 50-day moving average of $101.91 and the 200-day moving average of $89.84. The stock has ranged from $49.90 to $298.99 over the past 52 weeks.
- Mixed fundamentals and sentiment: Circle recently missed earnings estimates, reporting $0.21 EPS versus $0.27 expected, though revenue rose 20% year over year to $694.13 million. Analysts currently have a consensus Hold rating, with an average target price of $134.18.
Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) insider Hossein Razzaghi sold 34,623 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total transaction of $2,730,023.55. Following the completion of the sale, the insider directly owned 666,404 shares in the company, valued at approximately $52,545,955.40. This trade represents a 4.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Circle Internet Group Stock Down 5.8%
Shares of NYSE:CRCL opened at $77.85 on Friday. The firm's 50 day moving average price is $101.91 and its 200 day moving average price is $89.84. The stock has a market cap of $19.35 billion and a price-to-earnings ratio of -24.33. Circle Internet Group, Inc. has a fifty-two week low of $49.90 and a fifty-two week high of $298.99.
Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported $0.21 earnings per share 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 revenue was up 20.0% on a year-over-year basis. On average, equities analysts anticipate that Circle Internet Group, Inc. will post 1.02 EPS for the current year.
Wall Street Analyst Weigh In
Several analysts recently weighed in on CRCL shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $101.00 target price on shares of Circle Internet Group in a report on Tuesday, May 12th. Weiss Ratings reiterated a "sell (d)" rating on shares of Circle Internet Group in a research note on Monday, April 20th. Compass Point reiterated a "sell" rating and issued a $77.00 price target (down from $79.00) on shares of Circle Internet Group in a research note on Thursday, April 9th. Robert W. Baird increased their price target on shares of Circle Internet Group from $110.00 to $138.00 and gave the company an "outperform" rating in a research note on Tuesday, March 17th. Finally, Zacks Research upgraded shares of Circle Internet Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $134.18.
Check Out Our Latest Stock Analysis on Circle Internet Group
Hedge Funds Weigh In On Circle Internet Group
A number of hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC purchased a new position in shares of Circle Internet Group during the second quarter worth approximately $27,000. PNC Financial Services Group Inc. grew its position in shares of Circle Internet Group by 14.9% during the third quarter. PNC Financial Services Group Inc. now owns 1,164 shares of the company's stock worth $154,000 after acquiring an additional 151 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock worth $26,000 after acquiring an additional 190 shares during the last quarter. Harbour Investments Inc. grew its position in shares of Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company's stock worth $30,000 after acquiring an additional 238 shares during the last quarter. Finally, Montag A & Associates Inc. purchased a new position in shares of Circle Internet Group during the third quarter worth approximately $33,000.
Circle Internet Group Company Profile
(
Get Free Report)
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.
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