Circle Internet Group (NYSE:CRCL) Upgraded at Zacks Research

Zacks Research upgraded shares of Circle Internet Group (NYSE:CRCL) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Wall Street Zen raised Circle Internet Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Wells Fargo & Company cut their price target on Circle Internet Group from $128.00 to $111.00 and set an “overweight” rating on the stock in a research note on Thursday, February 26th. HC Wainwright started coverage on Circle Internet Group in a report on Friday, December 19th. They issued a “neutral” rating and a $85.00 price objective for the company. Morgan Stanley initiated coverage on shares of Circle Internet Group in a research note on Monday, February 2nd. They issued an “equal weight” rating and a $66.00 price objective for the company. Finally, Needham & Company LLC dropped their target price on shares of Circle Internet Group from $190.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $126.29.

Circle Internet Group Stock Performance

Shares of NYSE:CRCL opened at $128.30 on Tuesday. The firm’s 50 day simple moving average is $81.15 and its 200-day simple moving average is $98.13. Circle Internet Group has a one year low of $49.90 and a one year high of $298.99. The firm has a market cap of $30.21 billion and a PE ratio of -68.98.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.18. The firm had revenue of $770.23 million during the quarter. The firm’s revenue for the quarter was up 76.9% on a year-over-year basis.

Insider Transactions at Circle Internet Group

In related news, Director M Michele Burns sold 80,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $94.88, for a total transaction of $7,590,400.00. Following the completion of the sale, the director directly owned 305,230 shares in the company, valued at $28,960,222.40. This represents a 20.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, President Heath Tarbert sold 122,007 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $94.23, for a total value of $11,496,719.61. Following the sale, the president directly owned 599,156 shares in the company, valued at approximately $56,458,469.88. The trade was a 16.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 493,056 shares of company stock worth $47,456,525.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allworth Financial LP bought a new position in shares of Circle Internet Group during the 2nd quarter worth approximately $37,000. PNC Financial Services Group Inc. purchased a new position in Circle Internet Group in the second quarter worth $184,000. Geode Capital Management LLC purchased a new position in Circle Internet Group in the second quarter worth $65,504,000. Creative Planning acquired a new position in shares of Circle Internet Group during the second quarter worth $295,000. Finally, Cetera Investment Advisers acquired a new position in shares of Circle Internet Group during the second quarter worth $893,000.

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 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.