Circle Internet Group’s (CRCL) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Circle Internet Group (NYSE:CRCL) in a research note published on Monday,Benzinga reports. The firm currently has a $247.00 price target on the stock.

A number of other brokerages have also recently commented on CRCL. Citigroup began coverage on Circle Internet Group in a research report on Monday, June 30th. They issued a “buy” rating and a $243.00 price target for the company. Baird R W upgraded Circle Internet Group to a “hold” rating in a research report on Friday, July 11th. Sanford C. Bernstein began coverage on Circle Internet Group in a research report on Monday, June 30th. They issued an “outperform” rating and a $230.00 price target for the company. Seaport Res Ptn upgraded Circle Internet Group to a “strong-buy” rating in a research report on Friday, June 20th. Finally, Needham & Company LLC initiated coverage on Circle Internet Group in a research report on Wednesday, July 16th. They issued a “buy” rating for the company. Four research analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Circle Internet Group currently has a consensus rating of “Hold” and a consensus target price of $173.00.

Circle Internet Group Stock Performance

Shares of CRCL opened at $141.45 on Monday. The stock has a 50-day moving average of $182.44. The stock has a market capitalization of $31.48 billion and a PE ratio of -11,178.28. Circle Internet Group has a 52 week low of $64.00 and a 52 week high of $298.99.

Insider Activity at Circle Internet Group

In related news, Director Patrick Sean Neville sold 1,000,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $29.30, for a total transaction of $29,300,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeremy Fox-Geen sold 200,000 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $5,860,000.00. Following the transaction, the chief financial officer directly owned 320,371 shares of the company’s stock, valued at approximately $9,386,870.30. The trade was a 38.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,682,884 shares of company stock valued at $195,808,501 in the last 90 days.

Hedge Funds Weigh In On Circle Internet Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. General Catalyst Group Management LLC bought a new position in Circle Internet Group during the second quarter valued at approximately $3,647,694,000. Marshall Wace LLP bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $1,547,214,000. ARK Investment Management LLC bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $530,165,000. Squarepoint Ops LLC bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $73,101,000. Finally, Nikko Asset Management Americas Inc. bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $72,486,000.

About Circle Internet Group

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.