Abrams Capital Management L.P. Takes $49.86 Million Position in Circle Internet Group, Inc. $CRCL

Abrams Capital Management L.P. purchased a new position in Circle Internet Group, Inc. (NYSE:CRCL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 275,000 shares of the company’s stock, valued at approximately $49,855,000. Circle Internet Group comprises 0.8% of Abrams Capital Management L.P.’s holdings, making the stock its 11th largest holding. Abrams Capital Management L.P. owned 0.12% of Circle Internet Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. North Star Investment Management Corp. bought a new stake in Circle Internet Group in the 2nd quarter worth approximately $34,000. Hennessy Advisors Inc. purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $36,000. Allworth Financial LP bought a new stake in shares of Circle Internet Group in the second quarter worth $37,000. Chilton Capital Management LLC bought a new stake in shares of Circle Internet Group in the second quarter worth $40,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Circle Internet Group during the second quarter valued at $52,000.

Circle Internet Group Stock Performance

NYSE CRCL opened at $81.82 on Friday. Circle Internet Group, Inc. has a 12 month low of $64.00 and a 12 month high of $298.99. The business has a 50 day simple moving average of $126.80.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings data on Wednesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.44. The company had revenue of $739.76 million for the quarter. The company’s revenue was up 65.9% on a year-over-year basis.

Insider Buying and Selling at Circle Internet Group

In other news, insider Nikhil Chandhok sold 50,000 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $6,354,000.00. Following the sale, the insider directly owned 530,803 shares in the company, valued at approximately $67,454,445.24. This represents a 8.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rajeev V. Date sold 33,400 shares of Circle Internet Group stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $127.08, for a total value of $4,244,472.00. Following the completion of the transaction, the director owned 248,663 shares of the company’s stock, valued at approximately $31,600,094.04. This represents a 11.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 831,014 shares of company stock worth $105,416,046.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CRCL shares. Compass Point cut Circle Internet Group from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $205.00 to $130.00 in a research report on Monday, July 21st. Needham & Company LLC decreased their target price on Circle Internet Group from $250.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday. Wells Fargo & Company lowered their target price on Circle Internet Group from $160.00 to $128.00 and set an “overweight” rating on the stock in a research report on Thursday. Citizens Jmp assumed coverage on Circle Internet Group in a research report on Tuesday, September 30th. They issued a “market perform” rating for the company. Finally, Oppenheimer started coverage on Circle Internet Group in a research note on Friday, September 12th. They issued a “market perform” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $150.53.

Circle Internet Group 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.