Circle Internet Group (NYSE:CRCL) has seen a shift in its stock ratings, with Wall Street Zen upgrading its rating from “sell” to “hold.” This update came in a note issued to investors on September 30, 2023, reflecting analysts’ varied perspectives on the company’s future performance.
In recent weeks, the stock has garnered mixed reviews from other financial analysts. Notably, on July 21, 2023, Compass Point downgraded Circle from a “neutral” to a “sell” rating, lowering its price target from $205.00 to $130.00. Similarly, Deutsche Bank Aktiengesellschaft revised its price objective from $147.00 to $90.00 while maintaining a “hold” rating. In contrast, JMP Securities initiated coverage on September 30, 2023, with a “market perform” rating, and Goldman Sachs assigned a “neutral” rating with a price target of $83.00.
According to data from MarketBeat.com, the stock currently holds a consensus rating of “hold” with an average target price of $150.53. Analysts have issued various ratings: two have classified the stock as a Strong Buy, eight as Buy, nine as Hold, and three as Sell.
Recent Earnings and Insider Transactions
Circle Internet Group reported its quarterly earnings on November 12, 2023. The company achieved an earnings per share (EPS) of $0.64, significantly surpassing the consensus estimate of $0.20 by $0.44. Revenue for the quarter reached $739.76 million, representing a substantial year-over-year increase of 65.9%.
In a noteworthy insider transaction, Chief Financial Officer Jeremy Fox-Geen sold 33,608 shares of the company’s stock on September 3, 2023. The sale, conducted at an average price of $121.45, totaled approximately $4.08 million. Following this transaction, Fox-Geen retained 297,823 shares, valued at around $36.17 million, reflecting a 10.14% decrease in his ownership.
Institutional Trading Activity
Institutional investors have been actively adjusting their positions in Circle Internet Group. In the third quarter of 2023, Pilgrim Partners Asia Pte Ltd acquired a new stake valued at $27,000. Similarly, EverSource Wealth Advisors LLC and Highline Wealth Partners LLC each made new investments worth around $27,000 and $32,000, respectively. Additionally, Montag A & Associates Inc. established a stake estimated at $33,000, while North Star Investment Management Corp. invested about $34,000 during the second quarter.
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 effortless as sharing information, thereby contributing to a more interconnected global economic system.
As analysts continue to evaluate Circle Internet Group’s potential, its performance in the upcoming quarters will likely determine how these rating changes affect investor sentiment and stock price movements.
