Why Circle Internet Stock Is Sinking Today
Shares of Circle Internet Group (NYSE: CRCL) are falling on Tuesday, down 8.3% as of 3:11 p.m. ET. The drop comes as the S 500 gained 0.1% and the Nasdaq Composite lost 0.3%.
Circle, the company behind the second most popular stablecoin, USDC, received a sell rating downgrade from a Wall Street analyst.
An analyst at the investment bank Compass Point downgraded Circle stock to a sell, citing two main issues: one, an increasingly competitive market that could threaten Circle as a leader in the space, and two, valuation concerns.
Source Fool.com
