Circle Internet Group (NYSE:CRCL) Coverage Initiated at HC Wainwright

Stock analysts at HC Wainwright initiated coverage on shares of Circle Internet Group (NYSE:CRCL) in a report issued on Friday, MarketBeat.com reports. The brokerage set a “hold” rating and a $85.00 price target on the stock. HC Wainwright’s target price would indicate a potential downside of 0.92% from the stock’s current price.

A number of other brokerages have also recently issued reports on CRCL. Rothschild & Co Redburn began coverage on shares of Circle Internet Group in a report on Friday, October 3rd. They issued a “neutral” rating and a $136.00 target price on the stock. Mizuho cut their price objective on Circle Internet Group from $84.00 to $70.00 and set an “underperform” rating for the company in a research report on Friday, November 14th. Wells Fargo & Company dropped their price target on Circle Internet Group from $160.00 to $128.00 and set an “overweight” rating on the stock in a research note on Thursday, November 13th. Oppenheimer initiated coverage on shares of Circle Internet Group in a research report on Friday, September 12th. They set a “market perform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating on the stock in a report on Thursday, November 13th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Circle Internet Group has an average rating of “Hold” and a consensus price target of $141.18.

Circle Internet Group Stock Up 5.9%

CRCL stock opened at $85.79 on Friday. Circle Internet Group has a twelve month low of $64.00 and a twelve month high of $298.99. The company has a 50 day moving average of $99.16.

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

Insider Activity at Circle Internet Group

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 23,830 shares of Circle Internet Group stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $90.00, for a total value of $2,144,700.00. Following the completion of the sale, the chief financial officer owned 282,173 shares in the company, valued at $25,395,570. The trade was a 7.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick Sean Neville sold 30,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,700,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 696,790 shares of company stock valued at $56,284,056.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRCL. General Catalyst Group Management LLC bought a new stake in shares of Circle Internet Group in the second quarter valued at approximately $3,647,694,000. Marshall Wace LLP acquired a new position in Circle Internet Group in the 2nd quarter valued at $1,547,214,000. Vanguard Group Inc. raised its holdings in Circle Internet Group by 61.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock valued at $739,624,000 after acquiring an additional 2,126,072 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Circle Internet Group by 1.5% during the 3rd quarter. ARK Investment Management LLC now owns 2,966,940 shares of the company’s stock valued at $393,357,000 after acquiring an additional 42,537 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Circle Internet Group by 282.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,299,374 shares of the company’s stock worth $172,271,000 after purchasing an additional 959,309 shares in the last quarter.

About Circle Internet Group

Circle Internet Group (NYSE: CRCL) is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USD Coin (USDC), a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.