Circle Internet Group (NYSE:CRCL) Trading Down 8% Following Analyst Downgrade

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price was down 8% on Monday after Mizuho lowered their price target on the stock from $84.00 to $70.00. Mizuho currently has an underperform rating on the stock. Circle Internet Group traded as low as $75.88 and last traded at $75.3040. Approximately 15,688,410 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 18,776,131 shares. The stock had previously closed at $81.89.

CRCL has been the subject of a number of other research reports. Needham & Company LLC cut their price objective on Circle Internet Group from $250.00 to $190.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. JMP Securities began coverage on Circle Internet Group in a research report on Tuesday, September 30th. They issued a “market perform” rating for the company. The Goldman Sachs Group began coverage on Circle Internet Group in a report on Tuesday, August 12th. They set a “neutral” rating and a $83.00 price objective on the stock. Compass Point cut shares of Circle Internet Group from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $205.00 to $130.00 in a report on Monday, July 21st. Finally, William Blair restated an “outperform” rating on shares of Circle Internet Group in a report on Wednesday, November 12th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Circle Internet Group has a consensus rating of “Hold” and an average target price of $150.53.

Insiders Place Their Bets

In other news, CFO Jeremy Fox-Geen sold 33,608 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $121.45, for a total value of $4,081,691.60. Following the transaction, the chief financial officer owned 297,823 shares in the company, valued at $36,170,603.35. This represents a 10.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Rajeev V. Date sold 190,867 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $83.58, for a total value of $15,952,663.86. Following the completion of the transaction, the director owned 127,247 shares in the company, valued at $10,635,304.26. This represents a 60.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 360,806 shares of company stock worth $31,672,278.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC purchased a new position in Circle Internet Group in the second quarter valued at about $530,165,000. Huntleigh Advisors Inc. purchased a new stake in shares of Circle Internet Group during the 2nd quarter worth about $470,000. Covenant Asset Management LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter valued at about $363,000. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Circle Internet Group during the 2nd quarter valued at about $19,942,000. Finally, Acorn Financial Advisory Services Inc. ADV bought a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $703,000.

Circle Internet Group Stock Down 6.5%

The business has a fifty day moving average of $126.08.

Circle Internet Group (NYSE:CRCL) last posted its earnings results on Wednesday, November 12th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.44. The business had revenue of $739.76 million during the quarter. The firm’s revenue was up 65.9% compared to the same quarter last year.

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.