Circle Internet Group (NYSE:CRCL) Earns “Buy” Rating from Needham & Company LLC

Circle Internet Group (NYSE:CRCL)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $250.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 89.74% from the stock’s current price.

Several other brokerages have also recently weighed in on CRCL. Baird R W raised shares of Circle Internet Group to a “hold” rating in a research report on Friday, July 11th. Sanford C. Bernstein assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set an “outperform” rating and a $230.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Circle Internet Group in a research report on Tuesday, August 12th. They set a “hold” rating and a $155.00 price target on the stock. Barclays assumed coverage on shares of 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. Finally, Citigroup assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They set a “buy” rating and a $243.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $170.91.

Circle Internet Group Price Performance

Circle Internet Group stock opened at $131.76 on Wednesday. Circle Internet Group has a 52-week low of $64.00 and a 52-week high of $298.99. The stock has a market capitalization of $29.32 billion and a price-to-earnings ratio of -10,412.52. The business’s fifty day simple moving average is $183.93.

Insider Buying and Selling

In other Circle Internet Group news, insider Nikhil Chandhok sold 300,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total value of $8,790,000.00. Following the transaction, the insider owned 605,580 shares of the company’s stock, valued at $17,743,494. This represents a 33.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Patrick Sean Neville sold 1,000,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $29,300,000.00. 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 over the last three months.

Institutional Trading of Circle Internet Group

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group during the second quarter worth about $27,000. North Star Investment Management Corp. purchased a new stake in shares of Circle Internet Group during the second quarter worth approximately $34,000. Hennessy Advisors Inc. purchased a new stake in shares of Circle Internet Group during the second quarter worth approximately $36,000. Allworth Financial LP purchased a new stake in shares of Circle Internet Group during the second quarter worth approximately $37,000. Finally, Chilton Capital Management LLC purchased a new stake in shares of Circle Internet Group during the second quarter worth approximately $40,000.

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.