Oppenheimer Initiates Coverage on Circle Internet Group (NYSE:CRCL)

Analysts at Oppenheimer started coverage on shares of Circle Internet Group (NYSE:CRCL) in a research report issued on Friday, Marketbeat.com reports. The firm set a “market perform” rating on the stock.

Several other research analysts also recently commented on CRCL. JPMorgan Chase & Co. raised their price objective on Circle Internet Group from $80.00 to $89.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 19th. Barclays initiated coverage on Circle Internet Group in a research report on Monday, June 30th. They set an “overweight” rating and a $215.00 target price for the company. Compass Point cut Circle Internet Group from a “neutral” rating to a “sell” rating and cut their target price for the stock from $205.00 to $130.00 in a research report on Monday, July 21st. Needham & Company LLC reiterated a “buy” rating and set a $250.00 target price on shares of Circle Internet Group in a research report on Monday, September 8th. Finally, Sanford C. Bernstein began coverage on Circle Internet Group in a report on Monday, June 30th. They set an “outperform” rating and a $230.00 price objective for the company. One research 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, Circle Internet Group currently has an average rating of “Hold” and a consensus price target of $170.91.

Circle Internet Group Stock Performance

Shares of NYSE:CRCL opened at $125.12 on Friday. Circle Internet Group has a 1 year low of $64.00 and a 1 year high of $298.99. The firm’s fifty day simple moving average is $161.93. The company has a market capitalization of $28.71 billion and a P/E ratio of -9,887.78.

Insider Buying and Selling at Circle Internet Group

In related news, insider Nikhil Chandhok sold 50,000 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 $6,354,000.00. Following the completion of the transaction, the insider owned 530,803 shares of the company’s stock, valued at approximately $67,454,445.24. This represents a 8.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Tamara L. Schulz sold 836 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 $106,238.88. Following the completion of the transaction, the chief accounting officer directly owned 93,609 shares of the company’s stock, valued at $11,895,831.72. The trade was a 0.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 831,014 shares of company stock worth $105,416,046.

Hedge Funds Weigh In On Circle Internet Group

A number of hedge funds have recently made changes to their positions in CRCL. General Catalyst Group Management LLC acquired a new stake in shares of Circle Internet Group in the second quarter valued at approximately $3,647,694,000. Marshall Wace LLP purchased a new position in shares of Circle Internet Group during the second quarter worth $1,547,214,000. ARK Investment Management LLC purchased a new position in shares of Circle Internet Group during the second quarter worth $530,165,000. Squarepoint Ops LLC acquired a new position in Circle Internet Group during the 2nd quarter worth $73,101,000. Finally, Nikko Asset Management Americas Inc. purchased a new stake in Circle Internet Group during the 2nd quarter worth about $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.