Nikhil Chandhok Sells 489,737 Shares of Circle Internet Group (NYSE:CRCL) Stock

Circle Internet Group, Inc. (NYSE:CRCL) insider Nikhil Chandhok sold 489,737 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $72.37, for a total transaction of $35,442,266.69. Following the completion of the sale, the insider owned 521,809 shares of the company’s stock, valued at approximately $37,763,317.33. The trade was a 48.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nikhil Chandhok also recently made the following trade(s):

• On Monday, June 8th, Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock. The shares were sold at an average price of $83.75, for a total transaction of $2,233,277.50.
• On Thursday, May 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $111.00, for a total transaction of $1,110,000.00.
• On Tuesday, April 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The shares were sold at an average price of $104.00, for a total transaction of $1,040,000.00.

Circle Internet Group Stock Performance

Shares of CRCL stock opened at $73.55 on Friday. The company has a market capitalization of $18.28 billion and a P/E ratio of -22.98. Circle Internet Group, Inc. has a fifty-two week low of $49.90 and a fifty-two week high of $262.97. The stock has a 50 day moving average price of $98.51 and a two-hundred day moving average price of $89.78.

Circle Internet Group (NYSE:CRCL) last issued its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.06). The firm had revenue of $694.13 million during the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The company’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts predict that Circle Internet Group, Inc. will post 1.02 earnings per share for the current year.

Institutional Trading of Circle Internet Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bartlett & CO. Wealth Management LLC bought a new position in shares of Circle Internet Group in the 4th quarter worth approximately $25,000. Larson Financial Group LLC grew its stake in Circle Internet Group by 3,800.0% in the third 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. EverSource Wealth Advisors LLC bought a new position in Circle Internet Group in the second quarter worth $27,000. Bellevue Asset Management LLC purchased a new position in Circle Internet Group during the fourth quarter valued at $29,000. Finally, Harbour Investments Inc. boosted its holdings in shares of Circle Internet Group by 170.0% during the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after buying an additional 238 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have recently commented on CRCL shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $160.00 price objective on shares of Circle Internet Group in a research note on Wednesday, March 25th. Wells Fargo & Company boosted their price target on Circle Internet Group from $111.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Morgan Stanley upped their price target on Circle Internet Group from $80.00 to $106.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 19th. Zacks Research upgraded Circle Internet Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 17th. Finally, HC Wainwright upgraded Circle Internet Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $150.00 in a research report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $134.18.

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.