Bastion Asset Management Inc. Buys New Stake in Circle Internet Group, Inc. $CRCL

Bastion Asset Management Inc. purchased a new position in Circle Internet Group, Inc. (NYSE:CRCL) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 29,073 shares of the company’s stock, valued at approximately $2,733,000.

A number of other hedge funds also recently bought and sold shares of CRCL. General Catalyst Group Management LLC purchased a new position in shares of Circle Internet Group in the 2nd quarter worth $3,647,694,000. Marshall Wace LLP lifted 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 acquiring an additional 1,919,205 shares during the last quarter. IDG Accel China Capital II Associates L.P. bought a new position in shares of Circle Internet Group in the 4th quarter valued at about $554,792,000. Accel XI Associates L.L.C. purchased a new position in Circle Internet Group in the fourth quarter worth about $513,844,000. Finally, Vanguard Group Inc. grew its position 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 worth $448,292,000 after acquiring an additional 74,414 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRCL. Needham & Company LLC upped their price objective on Circle Internet Group from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Susquehanna initiated coverage on Circle Internet Group in a report on Wednesday, July 1st. They issued a “neutral” rating and a $69.00 target price for the company. Wells Fargo & Company boosted their target price on Circle Internet Group from $111.00 to $142.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. The Goldman Sachs Group decreased their price target on Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Finally, KeyCorp initiated coverage on Circle Internet Group in a report on Tuesday, May 26th. They set a “sector weight” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $113.25.

Insider Activity

In related news, insider Nikhil Chandhok sold 26,666 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $63.90, for a total transaction of $1,703,957.40. Following the completion of the transaction, the insider owned 725,068 shares in the company, valued at $46,331,845.20. The trade was a 3.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Allaire sold 3,032 shares of Circle Internet Group stock in a transaction on Monday, July 6th. The stock was sold at an average price of $67.16, for a total value of $203,629.12. Following the sale, the chief executive officer owned 63,346 shares of the company’s stock, valued at approximately $4,254,317.36. This trade represents a 4.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,966,527 shares of company stock worth $156,751,921 in the last three months. Corporate insiders own 10.85% of the company’s stock.

Circle Internet Group Price Performance

Circle Internet Group stock opened at $60.72 on Friday. Circle Internet Group, Inc. has a 1-year low of $49.90 and a 1-year high of $262.97. The firm has a market capitalization of $15.09 billion and a P/E ratio of -18.97. The company’s 50-day moving average is $87.81 and its 200 day moving average is $88.00.

Circle Internet Group (NYSE:CRCL) last announced its earnings results on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.06). The business had revenue of $694.13 million for the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts anticipate that Circle Internet Group, Inc. will post 0.98 earnings per share for the current fiscal year.

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.