Circle Internet Group (NYSE:CRCL) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Circle Internet Group (NYSE:CRCL) from a hold rating to a strong sell rating in a report published on Monday morning,Zacks.com reports.

Several other brokerages have also commented on CRCL. William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, November 12th. Compass Point raised shares of Circle Internet Group from a “sell” rating to a “neutral” rating and set a $75.00 target price for the company in a research note on Thursday, January 29th. Robert W. Baird upgraded shares of Circle Internet Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 14th. Wolfe Research began coverage on shares of Circle Internet Group in a report on Tuesday, December 2nd. They issued an “underperform” rating and a $60.00 price objective on the stock. Finally, Needham & Company LLC dropped their target price on shares of Circle Internet Group from $250.00 to $190.00 and set a “buy” rating for the company in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Circle Internet Group presently has a consensus rating of “Hold” and an average target price of $131.76.

Circle Internet Group Stock Performance

CRCL opened at $63.13 on Monday. The stock has a market capitalization of $14.87 billion and a PE ratio of -27.57. Circle Internet Group has a one year low of $49.90 and a one year high of $298.99. The business’s 50 day moving average price is $73.68 and its 200 day moving average price is $104.29.

Insider Activity

In other news, Director Patrick Sean Neville sold 5,000 shares of the stock in a transaction on Friday, December 12th. The stock was sold at an average price of $90.00, for a total value of $450,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Tamara L. Schulz sold 1,527 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $59.80, for a total value of $91,314.60. Following the transaction, the chief accounting officer directly owned 98,010 shares of the company’s stock, valued at $5,860,998. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 353,016 shares of company stock worth $27,791,982 over the last 90 days.

Hedge Funds Weigh In On Circle Internet Group

A number of institutional investors and hedge funds have recently made changes to their positions in CRCL. General Catalyst Group Management LLC acquired a new stake in Circle Internet Group in the second quarter valued at approximately $3,647,694,000. Marshall Wace LLP raised its holdings in shares of Circle Internet Group by 23.8% in the 4th quarter. Marshall Wace LLP now owns 9,978,729 shares of the company’s stock valued at $791,313,000 after purchasing an additional 1,919,205 shares in the last quarter. IDG Accel China Capital II Associates L.P. purchased a new stake in shares of Circle Internet Group during the 4th quarter worth $554,792,000. Accel XI Associates L.L.C. acquired a new position in shares of Circle Internet Group during the fourth quarter worth $513,844,000. Finally, Vanguard Group Inc. increased its holdings in Circle Internet Group by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 5,653,110 shares of the company’s stock valued at $448,292,000 after buying an additional 74,414 shares during the last quarter.

Circle Internet Group Company Profile

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.