Circle stock falls hard as Ark sells, Fed rate cuts loom
Circle’s stock price has pulled back in recent days as post-initial public offering momentum faded. Circle Internet is trading at $192, down over 35% from its June peak, cutting its valuation from $70 billion to $42 billion. Several factors have contributed to CRCL’s loss of momentum. First, the decline followed a downgrade from JPMorgan, the bank that led its IPO. The firm initiated coverage with a neutral rating and set a price target of $80, well below current levels. Second, concerns are growing that Circle is significantly overvalued. Its market capitalization is about $20 billion below USDC’s $62 billion valuation…
