Circle Internet Group (NYSE:CRCL) received an upgrade from Wall Street Zen, moving from a “sell” rating to a “hold” rating in a recent report issued to investors. This change comes as part of a broader reassessment of the company by various equities research analysts, reflecting a mix of opinions on the stock’s future performance.
On July 21, 2023, Compass Point downgraded Circle Internet Group from a “neutral” rating to a “sell” rating, reducing its price target from $205.00 to $130.00. This was followed by JMP Securities initiating coverage on September 30, 2023, with a “market perform” rating. In a separate report, Goldman Sachs began coverage of Circle Internet Group on August 12, setting a “neutral” rating and a price target of $83.00.
Analysts at Deutsche Bank Aktiengesellschaft have also weighed in, lowering their price target from $147.00 to $90.00 while maintaining a “hold” rating. Redburn Partners set a price objective of $136.00 on October 3, 2023. Currently, analysis from MarketBeat.com indicates that two analysts have rated the stock as a “Strong Buy,” eight as a “Buy,” nine as a “Hold,” and three as a “Sell.” The consensus rating stands at “Hold” with an average target price of $150.53.
Recent Financial Performance
Circle Internet Group recently released its quarterly earnings on November 12, 2023. The company reported earnings per share (EPS) of $0.64, significantly exceeding the consensus estimate of $0.20 by $0.44. The company’s revenue for the quarter reached $739.76 million, reflecting a year-over-year increase of 65.9%.
In related news, Chief Financial Officer Jeremy Fox-Geen sold 33,608 shares of Circle’s stock on September 3, 2023, at an average price of $121.45. This transaction amounted to approximately $4.08 million. Following the sale, Fox-Geen retained ownership of 297,823 shares, valued at about $36.17 million, indicating a 10.14% decrease in his ownership stake.
Institutional Trading Activity
Recent trading activity among institutional investors indicates a growing interest in Circle Internet Group. For instance, Pilgrim Partners Asia Pte Ltd acquired a new stake in the company valued at $27,000 during the third quarter. Similarly, EverSource Wealth Advisors LLC also entered a new position in Circle, valued at approximately $27,000, during the second quarter.
Highline Wealth Partners LLC purchased a new stake in Circle Internet Group worth about $32,000 in the third quarter, while Montag A & Associates Inc. acquired a stake valued at around $33,000. Additionally, North Star Investment Management Corp. bought a new stake in the second quarter valued at about $34,000.
Founded in 2013, Circle Internet Group aims to enhance global economic prosperity through seamless exchanges of value. The company is focused on creating a global economic system built on the foundation of the internet, striving to enable everyone, everywhere to share value as easily as they share information and communications.
As analysts continue to evaluate Circle Internet Group’s performance, the mix of ratings and financial results will play a crucial role in shaping investor sentiment moving forward.
