Street Calls of the Week
Circle Internet Group, Inc. (NYSE:CRCL), a $32.5 billion market cap company whose stock has surged over 73% in the past six months, announced that David Orfao resigned from its board of directors on Wednesday, effective immediately. According to InvestingPro analysis, the company currently trades above its Fair Value, with 13 key insights available for subscribers. The company stated that Orfao’s resignation was not the result of any disagreement with Circle Internet Group regarding its operations, policies, or practices.
Following Orfao’s departure, the board approved a reduction in its size from nine members to eight, in accordance with the company’s amended and restated certificate of incorporation and bylaws. The change took effect immediately after Orfao’s resignation.
The information is based on a press release statement included in a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Circle Internet Group has been active with several strategic partnerships and analyst updates. The company has partnered with Kraken to enhance access to its USDC and EURC stablecoins, providing increased liquidity and reduced conversion fees for Kraken clients. Additionally, Circle has collaborated with Finastra to integrate USDC settlement into cross-border payments, connecting Finastra’s platform with Circle’s payment infrastructure. These developments aim to expand the utility of Circle’s stablecoins in various financial applications.
On the analyst front, Oppenheimer initiated coverage of Circle Internet Group with a Perform rating, indicating a neutral stance. Meanwhile, Bernstein SocGen Group reiterated an Outperform rating with a price target of $230, despite concerns about competition from Hyperliquid’s potential stablecoin launch. Conversely, Compass Point lowered its price target for Circle to $96 while maintaining a Sell rating, citing the competitive threat from Hyperliquid’s planned USDH stablecoin. These recent developments highlight Circle’s strategic movements in the market and varied analyst perspectives on its financial prospects.
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