Circle Internet Group (NYSE:CRCL) Shares Gap Down - Here's What Happened

Shares of Circle Internet Group, Inc. (NYSE:CRCL - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $163.21, but opened at $156.64. Circle Internet Group shares last traded at $159.86, with a volume of 6,961,349 shares traded.Get Circle Internet Group alerts:Wall Street Analysts Forecast GrowthIPO Momentum Returns: 3 Stocks Rising After CoreWeave’s SurgeSeveral equities research analysts have recently issued reports on the stock. Canaccord Genuity Group assumed coverage on shares of Circle Internet Group in a research report on Monday, June 30th. They issued a "buy" rating and a $247.00 price objective for the company. Oppenheimer started coverage on shares of Circle Internet Group in a research note on Tuesday. They set a "market perform" rating on the stock. Robert W. Baird set a $185.00 price objective on shares of Circle Internet Group and gave the stock a "neutral" rating in a research note on Wednesday. Compass Point cut shares of Circle Internet Group from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $205.00 to $130.00 in a report on Monday, July 21st. Finally, Baird R W upgraded shares of Circle Internet Group to a "hold" rating in a report on Friday, July 11th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $173.00.Check Out Our Latest Research Report on CRCLCircle Internet Group Stock Down 6.1%The company has a market capitalization of $34.09 billion and a P/E ratio of -12,106.84. The company has a 50 day moving average of $185.63. Insiders Place Their BetsIn other Circle Internet Group news, CFO Jeremy Fox-Geen sold 200,000 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $29.30, for a total value of $5,860,000.00. Following the completion of the transaction, the chief financial officer owned 320,371 shares in the company, valued at $9,386,870.30. This represents a 38.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Catalyst Group Vi L.P General sold 3,550,724 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $29.30, for a total transaction of $104,036,213.20. Following the sale, the insider directly owned 20,120,769 shares in the company, valued at approximately $589,538,531.70. This trade represents a 15.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,682,884 shares of company stock worth $195,808,501 in the last 90 days. Hedge Funds Weigh In On Circle Internet GroupA number of large investors have recently modified their holdings of CRCL. ARK Investment Management LLC purchased a new position in shares of Circle Internet Group in the second quarter valued at about $530,165,000. Geode Capital Management LLC purchased a new position in Circle Internet Group in the 2nd quarter worth approximately $65,504,000. JPMorgan Chase & Co. purchased a new stake in shares of Circle Internet Group during the second quarter valued at $65,261,000. Sumitomo Mitsui Trust Group Inc. bought a new position in Circle Internet Group during the second quarter valued at approximately $61,650,000. Finally, Liberty Street Advisors Inc. bought a new stake in shares of Circle Internet Group in the second quarter worth $52,610,000. About Circle Internet Group (Get Free Report)Founded in 2013, Circle's mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.Read MoreFive stocks we like better than Circle Internet GroupCanada Bond Market Holiday: How to Invest and Trade 5 Stocks Insiders Are Selling That Analysts Say BuyWhat is a Death Cross in Stocks?On Holdings: Correction Is Over, the Sprint to Highs Is OnHigh Dividend REITs: Are They an Ideal Way to Diversify?Rigetti Stock: A Long-Term Quantum Play Facing Short-Term TestsThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Circle Internet Group Right Now?Before you consider Circle Internet Group, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Circle Internet Group wasn't on the list.While Circle Internet Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here