Monness Crespi & Hardt Initiates Coverage on Circle Internet Group (NYSE:CRCL)

Equities researchers at Monness Crespi & Hardt started coverage on shares of Circle Internet Group (NYSE:CRCL) in a report issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $150.00 price target on the stock. Monness Crespi & Hardt’s target price suggests a potential upside of 52.81% from the stock’s current price.

Several other equities research analysts have also weighed in on CRCL. Weiss Ratings restated a “sell (d)” rating on shares of Circle Internet Group in a report on Wednesday, October 8th. Rothschild Redb raised shares of Circle Internet Group to a “hold” rating in a research report on Friday, October 3rd. William Blair assumed coverage on shares of Circle Internet Group in a research note on Tuesday, October 14th. They issued an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Circle Internet Group from $163.00 to $123.00 and set a “hold” rating for the company in a report on Wednesday, August 20th. Finally, Wells Fargo & Company assumed coverage on shares of Circle Internet Group in a report on Tuesday, October 21st. They issued an “overweight” rating and a $160.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Circle Internet Group has a consensus rating of “Hold” and an average price target of $164.47.

Circle Internet Group Stock Performance

Circle Internet Group stock opened at $98.16 on Monday. Circle Internet Group has a one year low of $64.00 and a one year high of $298.99. The stock’s fifty day simple moving average is $128.81.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($4.48) earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($4.82). The business had revenue of $658.08 million during the quarter, compared to the consensus estimate of $645.35 million. The firm’s revenue was up 53.0% on a year-over-year basis.

Insider Buying and Selling

In related news, Director Patrick Sean Neville sold 260,374 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total transaction of $33,088,327.92. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Tamara L. Schulz sold 836 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were 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 approximately $11,895,831.72. This trade represents a 0.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 831,014 shares of company stock worth $105,416,046.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRCL. ARK Investment Management LLC bought a new position in shares of Circle Internet Group in the second quarter valued at about $530,165,000. Huntleigh Advisors Inc. bought a new stake in Circle Internet Group during the 2nd quarter worth about $470,000. Covenant Asset Management LLC acquired a new stake in Circle Internet Group in the 2nd quarter valued at about $363,000. Yong Rong HK Asset Management Ltd acquired a new stake in Circle Internet Group in the 2nd quarter valued at about $19,942,000. Finally, Acorn Financial Advisory Services Inc. ADV bought a new position in shares of Circle Internet Group in the second quarter worth about $703,000.

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.