Circle Internet Group (NYSE:CRCL) received a significant upgrade in its stock rating from Wall Street Zen, moving from a “sell” rating to a “hold” rating. This update was communicated to investors on Saturday and reflects a shift in sentiment about the company’s performance.
Other analysts have also recently evaluated Circle’s stock, showcasing a mix of perspectives. On July 21, Compass Point downgraded Circle from a “neutral” rating to a “sell” rating, adjusting their price target from $205.00 to $130.00. Meanwhile, JMP Securities began coverage on September 30, assigning a “market perform” rating. On August 12, the Goldman Sachs Group initiated coverage with a “neutral” rating and set a price target of $83.00. Additionally, Deutsche Bank Aktiengesellschaft reduced their price objective from $147.00 to $90.00, maintaining a “hold” rating. Redburn Partners also established a price target of $136.00 on October 3.
Currently, the consensus rating on Circle Internet Group is “Hold,” according to data from MarketBeat.com. The stock has received two “Strong Buy” ratings, eight “Buy” ratings, nine “Hold” ratings, and three “Sell” ratings. The average target price stands at $150.53.
Financial Performance and Insider Activity
Circle Internet Group announced its quarterly earnings on November 12, revealing earnings per share (EPS) of $0.64, significantly exceeding the consensus estimate of $0.20 by $0.44. The company reported revenue of $739.76 million for the quarter, marking a year-over-year increase of 65.9%.
In related news, Chief Financial Officer Jeremy Fox-Geen sold 33,608 shares of the company’s stock on September 3, at an average price of $121.45, totaling approximately $4.08 million. This transaction reduced his ownership by 10.14%, leaving him with 297,823 shares, valued at around $36.17 million. The details of this sale have been disclosed in a legal filing with the Securities and Exchange Commission (SEC).
Institutional Investors and Market Movements
Institutional trading activity has also been notable, as various hedge funds have modified their stakes in Circle Internet Group. Pilgrim Partners Asia Pte Ltd acquired a new stake valued at $27,000 in the third quarter, while EverSource Wealth Advisors LLC also bought in during the second quarter for about $27,000. Highline Wealth Partners LLC and Montag A & Associates Inc. made new investments valued at approximately $32,000 and $33,000, respectively, in the third quarter. North Star Investment Management Corp. similarly increased its stake in the second quarter with an investment of about $34,000.
Founded in 2013, Circle Internet Group aims to enhance global economic prosperity through seamless value exchange. The company envisions a world where sharing value is as straightforward as sharing information, thereby fostering deeper global connections.
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