JPMorgan Chase & Co. Has Lowered Expectations for Circle Internet Group (NYSE:CRCL) Stock Price

Circle Internet Group (NYSE:CRCL) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $100.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 55.38% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Robert W. Baird upgraded Circle Internet Group from a “hold” rating to a “strong-buy” rating in a report on Friday, November 14th. Compass Point upgraded shares of Circle Internet Group from a “sell” rating to a “neutral” rating and set a $75.00 price target for the company in a research report on Thursday, January 29th. HC Wainwright began coverage on shares of Circle Internet Group in a research report on Friday, December 19th. They set a “neutral” rating and a $85.00 price objective for the company. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Circle Internet Group from $147.00 to $90.00 and set a “hold” rating for the company in a report on Thursday, November 13th. Finally, Sanford C. Bernstein set a $190.00 price target on Circle Internet Group in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Circle Internet Group currently has a consensus rating of “Hold” and an average price target of $131.76.

Circle Internet Group Price Performance

Shares of NYSE CRCL opened at $57.92 on Tuesday. The company has a market capitalization of $13.64 billion and a P/E ratio of -25.29. The company has a 50 day simple moving average of $76.33 and a 200-day simple moving average of $108.55. Circle Internet Group has a 1 year low of $49.90 and a 1 year high of $298.99.

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

Insiders Place Their Bets

In related news, insider Nikhil Chandhok sold 10,000 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the transaction, the insider directly owned 474,974 shares of the company’s stock, valued at $42,747,660. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Tamara L. Schulz sold 1,527 shares of Circle Internet Group stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $59.80, for a total value of $91,314.60. Following the sale, the chief accounting officer owned 98,010 shares in the company, valued at $5,860,998. This trade represents a 1.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 587,285 shares of company stock worth $46,993,619.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bartlett & CO. Wealth Management LLC acquired a new stake in shares of Circle Internet Group in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC boosted its stake in Circle Internet Group by 3,800.0% during the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock worth $26,000 after purchasing an additional 190 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new position in Circle Internet Group during the 3rd quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group in the second quarter valued at $27,000. Finally, Bellevue Asset Management LLC purchased a new stake in shares of Circle Internet Group in the fourth quarter valued at about $29,000.

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 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.