CRCL Stock Outlook as Compass Point Raises Price Target After Earnings Beat

Circle (NYSE: CRCL) stock price was down by 11.5% at the time of writing to trade at $67. The drop mirrors a downturn across risk assets, with both the S&P 500 and Nasdaq indexes inching lower.

The US stock market had erased $3 trillion in value on November 4, marking one of its worst days amid a sharp reversal from the post-midterm election gains.

However, prior to this downtrend, Compass Point had raised its target on CRCL stock price after the company released its Q3 earnings results, revealing a 17% year-over-year increase in revenue.

Wall Street Analysts Revise CRCL Stock Targets Post Earnings

Compass Point has upgraded its rating for CRCL stock from “neutral” to “buy.” The investment firm has also set a new price target of $99 for the shares, marking a 47% increase from its price of $47 at the time of writing.

Compass Point upgraded the stock saying that it was the best to hold for an investor looking for exposure to crypto as the year ends.

“While we remain cautious toward the speed of USDC’s mainstream adoption, we view CRCL as the best large-cap proxy for crypto exposure,” the firm said.

The firm also based its bullish outlook on Circle’s Q3 earnings results. As CoinGape reported, Circle beat Wall Street estimates to report an Earnings per share of $0.84. Both revenue and net income were up YoY, while the adjusted EBITDA rose by 85% to $317.

However, not all Wall Street firms were impressed with these financial results. H.C. Wainwright argues that most of the revenue and earnings reported in Q3 came from the presale of the Arc blockchain token.

H.C. Wainwright has also trimmed its CRCL stock target from $104 to $100.

Samsung Wallet Integrates Circle’s USDC Stablecoin

Samsung Wallet has opened USDC accounts on Solana for more than 80 million Galaxy devices that are available in the US, marking a major adoption milestone for the Circle-issued stablecoin.

Through this launch, it will become easier for people to send and transfer USDC through their Samsung Galaxy devices, marking a major shift that could boost the adoption of the stablecoin.

The Samsung Wallet integration marks another feat in Circle’s growing reach. As CoinGape reported earlier, Circle partnered with Tereina in early October to bring USDC and EURC into SAP Pay workflows.

CRCL Stock Prediction as Price Nears 3 Month Low

CRCL stock price had dropped to $68 at the time of writing, amid carnage in the US stock market caused by concerns that the US midterm elections win by the Democratic Party may cause the AI sector to collapse.

The shares had touched an intraday low of $64, marking the lowest price in nearly three months.

The RSI on the daily chart had dropped to 35, suggesting that a strong bearish momentum is in play. The ADX line is also tipping north, to suggest that the downtrend is gaining strength.

If the downtrend continues, CRCL will drop to test support at $53. Losing that support may trigger an even steeper crash towards the 161.8% Fib of 51.

However, if the recent dip brings buyers back, the share could rebound and potentially reach the psychological level of $70. However a confirmed close above $74 is needed to confirm a bullish reversal.