Circle Internet Corp. (CRCL) stock plummeted 5.05% during intraday trading on Monday, reflecting significant selling pressure.

The sharp decline followed news that Baird analyst David Koning lowered the firm's price target on Circle Internet to $100 from $138, a substantial reduction, while maintaining an Outperform rating on the shares.

Although the analyst maintained a positive long-term rating, the significant downward revision to the price target likely contributed to negative investor sentiment and the stock's downward movement in the session.