Circle Internet Group (NYSE:CRCL) Shares Down 2.9% Following Analyst Downgrade

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price dropped 2.9% during mid-day trading on Wednesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $163.00 to $123.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Circle Internet Group traded as low as $129.10 and last traded at $131.29. Approximately 3,732,868 shares were traded during trading, a decline of 86% from the average daily volume of 26,562,797 shares. The stock had previously closed at $135.23.

Other research analysts have also recently issued research reports about the company. Wall Street Zen cut Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Friday, June 27th. Robert W. Baird decreased their target price on Circle Internet Group from $210.00 to $185.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 13th. Needham & Company LLC reiterated a “buy” rating and set a $250.00 price objective on shares of Circle Internet Group in a research report on Wednesday. Baird R W upgraded Circle Internet Group to a “hold” rating in a research report on Friday, July 11th. Finally, Barclays initiated coverage on Circle Internet Group in a research report on Monday, June 30th. They set an “overweight” rating and a $215.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $170.91.

Insider Buying and Selling at Circle Internet Group

In other news, Director M Michele Burns sold 29,946 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $3,805,537.68. Following the completion of the transaction, the director owned 315,230 shares of the company’s stock, valued at $40,059,428.40. This represents a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Patrick Sean Neville sold 260,374 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $33,088,327.92. The disclosure for this sale can be found here. Insiders have sold a total of 7,480,290 shares of company stock valued at $297,142,856 in the last ninety days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRCL. General Catalyst Group Management LLC bought a new stake in Circle Internet Group during the 2nd quarter valued at $3,647,694,000. Marshall Wace LLP acquired a new stake in shares of Circle Internet Group in the 2nd quarter worth $1,547,214,000. ARK Investment Management LLC acquired a new stake in shares of Circle Internet Group in the 2nd quarter worth $530,165,000. Squarepoint Ops LLC purchased a new position in Circle Internet Group in the 2nd quarter worth $73,101,000. Finally, Nikko Asset Management Americas Inc. purchased a new position in Circle Internet Group in the 2nd quarter worth $72,486,000.

Circle Internet Group Stock Performance

The stock has a market cap of $30.54 billion and a P/E ratio of -10,846.37. The business has a 50 day simple moving average of $183.44.

Circle Internet Group Company Profile

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.