Circle Internet Group, Inc. $CRCL Stock: BOCHK Asset Management Ltd Grows Holdings

Key Points

• BOCHK Asset Management increased its Circle stake by 264.4% in the third quarter, owning 96,940 shares valued at approximately $7.97 million. Other smaller funds also initiated or expanded positions.
• Analyst sentiment is mixed: Circle has a consensus “Hold” rating and a $97.94 average price target, with ratings ranging from Strong Buy to Sell.
• CRCL opened at $72.10, below its 50-day and 200-day moving averages, while the company’s latest quarterly earnings missed estimates despite revenue rising 6.6% year over year. Insiders sold about $37.4 million in shares during the quarter.

BOCHK Asset Management Ltd raised its stake in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 264.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,940 shares of the company's stock after acquiring an additional 70,340 shares during the quarter. Circle Internet Group comprises 1.1% of BOCHK Asset Management Ltd's holdings, making the stock its 24th largest position. BOCHK Asset Management Ltd's holdings in Circle Internet Group were worth $7,966,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. WPG Advisers LLC bought a new stake in shares of Circle Internet Group in the first quarter valued at approximately $31,000. Pinnacle Wealth Planning Services Inc. increased its stake in Circle Internet Group by 952.8% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 379 shares of the company's stock worth $31,000 after acquiring an additional 343 shares during the period. First Horizon Corp acquired a new position in Circle Internet Group in the 1st quarter valued at $35,000. Abound Financial LLC acquired a new position in Circle Internet Group in the 1st quarter valued at $38,000. Finally, Global Assets Advisory LLC bought a new stake in shares of Circle Internet Group during the 1st quarter valued at $43,000.

Analyst Ratings Changes

CRCL has been the topic of several analyst reports. Keefe, Bruyette & Woods started coverage on Circle Internet Group in a report on Tuesday, September 8th. They set a "market perform" rating and a $105.00 target price on the stock. Robert W. Baird dropped their price target on Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. Morgan Stanley cut their price objective on shares of Circle Internet Group from $37.00 to $34.00 and set an "underweight" rating for the company in a research report on Monday. Sanford C. Bernstein reiterated an "outperform" rating and set a $140.00 price objective on shares of Circle Internet Group in a research note on Wednesday, July 29th. Finally, Weiss Ratings lowered shares of Circle Internet Group from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, Circle Internet Group presently has a consensus rating of "Hold" and a consensus price target of $97.94.

Circle Internet Group Stock Performance

NYSE CRCL opened at $72.10 on Tuesday. The firm's fifty day moving average price is $86.96 and its two-hundred day moving average price is $85.76. The stock has a market cap of $18.30 billion, a PE ratio of 55.97 and a beta of 0.73. Circle Internet Group, Inc. has a fifty-two week low of $49.90 and a fifty-two week high of $140.00.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.08). The firm had revenue of $701.32 million for the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%. The firm's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($4.48) EPS. As a group, sell-side analysts predict that Circle Internet Group, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Circle Internet Group

In other news, insider Nikhil Chandhok sold 26,668 shares of the firm's stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $79.59, for a total transaction of $2,122,506.12. Following the completion of the transaction, the insider owned 715,331 shares of the company's stock, valued at approximately $56,933,194.29. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Allaire sold 56,200 shares of Circle Internet Group stock in a transaction on Monday, October 5th. The stock was sold at an average price of $83.59, for a total transaction of $4,697,758.00. Following the transaction, the chief executive officer owned 277,560 shares in the company, valued at approximately $23,201,240.40. This trade represents a 16.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 447,634 shares of company stock worth $37,398,184 over the last quarter. Insiders own 10.85% of the company's stock.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.

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