Circle Internet Group (NYSE:CRCL) Trading 8.2% Higher – Here’s What Happened

Circle Internet Group, Inc. (NYSE:CRCL)’s stock price traded up 8.2% during trading on Monday . The stock traded as high as $95.63 and last traded at $95.2890. 4,066,164 shares were traded during mid-day trading, a decline of 73% from the average session volume of 15,330,523 shares. The stock had previously closed at $88.04.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. HC Wainwright assumed coverage on shares of Circle Internet Group in a research report on Friday, December 19th. They issued a “neutral” rating and a $85.00 target price for the company. Zacks Research upgraded shares of Circle Internet Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 17th. Mizuho upped their price objective on shares of Circle Internet Group from $100.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, March 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Circle Internet Group in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company lowered their price objective on shares of Circle Internet Group from $128.00 to $111.00 and set an “overweight” rating for the company in a research report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $126.41.

Circle Internet Group Trading Up 6.6%

The stock’s 50-day moving average is $90.08 and its 200-day moving average is $94.02. The firm has a market capitalization of $25.97 billion and a price-to-earnings ratio of -56.56.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. The company had revenue of $770.23 million for the quarter. The firm’s revenue was up 76.9% compared to the same quarter last year.

Insider Activity

In other Circle Internet Group news, CAO Tamara L. Schulz sold 1,194 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $87.58, for a total transaction of $104,570.52. Following the sale, the chief accounting officer directly owned 93,053 shares of the company’s stock, valued at $8,149,581.74. The trade was a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajeev V. Date sold 1,273 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $95.00, for a total transaction of $120,935.00. Following the sale, the director directly owned 152,328 shares in the company, valued at $14,471,160. The trade was a 0.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 530,874 shares of company stock worth $51,566,025. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

A number of institutional investors have recently added to or reduced their stakes in CRCL. Creative Planning bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $295,000. Arrowstreet Capital Limited Partnership bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $1,474,000. Invesco Ltd. bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $47,640,000. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $27,000. Finally, Baird Financial Group Inc. bought a new stake in Circle Internet Group during the 2nd quarter worth approximately $2,649,000.

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.