24H | Circle Stock Sinks Over 5%, Erasing Earlier Gains
Circle shares sank 5% in overnight trading, erasing earlier gains. JPMorgan initiated Circle with Underweight rating and target price $80. The shares plunged 15.5% on Friday.
The company, which went public earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. After an incredible post-IPO run, the company's stock retreated as investors grew wary of its valuation.
Several analysts predict that Circle could see a reversal in the long term due to potential interest rate reductions and rising competition.
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