Key Points
- Circle Internet Group insider Nikhil Chandhok sold 489,737 shares on June 24 at an average price of $72.37, totaling about $35.44 million. The sale cut his ownership by 48.41% and was executed under a pre-arranged Rule 10b5-1 plan to cover tax withholding tied to equity vesting.
- Chandhok has also been actively selling shares recently, including transactions on June 8, May 21, and April 21 that together added several million dollars in stock sales.
- Circle’s latest financial and market backdrop remains mixed: the stock recently traded at $73.55, below its 50-day and 200-day averages, while the company’s last earnings report missed EPS estimates despite 20% year-over-year revenue growth.
Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) insider Nikhil Chandhok sold 489,737 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value 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 Price Performance
NYSE:CRCL opened at $73.55 on Friday. The company has a market cap of $18.28 billion and a P/E ratio of -22.98. The firm's fifty day moving average price is $98.51 and its two-hundred day moving average price is $89.78. Circle Internet Group, Inc. has a one year low of $49.90 and a one year high of $262.97.
Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.06). The company 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 firm's quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts expect that Circle Internet Group, Inc. will post 1.02 earnings per share for the current year.
Institutional Trading of Circle Internet Group
A number of institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $27,000. Larson Financial Group LLC raised its position in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after purchasing an additional 190 shares in the last quarter. Montag A & Associates Inc. acquired a new position in Circle Internet Group during the third quarter valued at approximately $33,000. National Bank of Canada FI acquired a new position in Circle Internet Group during the third quarter valued at approximately $37,000. Finally, Pin Oak Investment Advisors Inc. bought a new stake in Circle Internet Group during the third quarter worth $39,000.
Analysts Set New Price Targets
Several equities research analysts have issued reports on CRCL shares. Wall Street Zen downgraded shares of Circle Internet Group from a "hold" rating to a "sell" rating in a research report on Saturday, April 11th. Canaccord Genuity Group reiterated a "buy" rating and set a $160.00 target price on shares of Circle Internet Group in a research note on Wednesday, March 25th. Mizuho lowered their target price on Circle Internet Group from $135.00 to $85.00 and set a "neutral" rating on the stock in a research note on Friday, June 5th. Clear Str raised Circle Internet Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 16th. Finally, Zacks Research upgraded Circle Internet Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Circle Internet Group currently has a consensus rating of "Hold" and a consensus price target of $134.18.
Check Out Our Latest Research Report on CRCL
About Circle Internet Group
(
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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