Circle Internet Group (NYSE: CRCL) has received a revised target price from JPMorgan Chase & Co., which has raised its projection from $93.00 to $94.00 in a recent research note. Positioning the stock with an “underweight” rating, JPMorgan’s new target suggests a potential downside of 6.19% from the current trading price. This adjustment comes amid a mixed sentiment from various analysts regarding Circle’s stock performance.
In addition, Rothschild Redb upgraded their rating on Circle to “hold” earlier this month. Meanwhile, Monness Crespi & Hardt has initiated coverage with a “buy” rating and a significantly higher price target of $150.00. Redburn Partners communicated a target price of $136.00, while Wells Fargo & Company started coverage with an “overweight” rating and a leading target of $160.00. Currently, the consensus rating across multiple analysts gives Circle a “Hold” status, reflecting a diverse range of opinions. As reported, one analyst has rated the stock as a Strong Buy, seven as Buy, ten as Hold, and four as Sell. The average price target stands at $164.47, according to MarketBeat.com.
During mid-day trading on Tuesday, Circle’s stock fell by $3.90, landing at $100.20. The trading volume for the day was 2,663,903 shares, relatively low compared to its average of 18,091,305. Over the past year, the stock has experienced significant fluctuation, with a low of $64.00 and a high of $298.99, while its 50-day moving average sits at $129.25.
Circle Internet Group recently reported its quarterly earnings, revealing a loss of $4.48 per share, which was below analysts’ expectations of $0.34 in earnings. Nevertheless, the company achieved revenues of $658.08 million, surpassing the projected $645.35 million and indicating a notable 53.0% increase year-over-year.
In related news, insider transactions have seen Nikhil Chandhok and Director Rajeev V. Date sell substantial shares, both valuing about $6.35 million and $4.24 million respectively, signaling a decrease in insider holdings. Across the last quarter, insiders sold a total of 831,014 shares valued at over $105 million, indicating noteworthy activity among those closely tied to the company.
Institutional interest in Circle has grown, with multiple investors adjusting their stakes in the company. Notable movements include EverSource Wealth Advisors LLC acquiring new shares and PNC Financial Services Group Inc. increasing its holdings by 14.9% in the third quarter.
Founded in 2013, Circle’s mission centers around elevating global economic prosperity through seamless value exchange, aspiring to create a world that integrates value sharing as easily as current communications and information exchanges.
Despite fluctuating analyst ratings and stock performance, the collective interest from institutional investors signifies a potential for recovery and growth in the coming months, embodying a cautious optimism in Circle’s future trajectory.