Circle Internet Group (CRCL) shares declined notably Friday morning. The stock gapped down at market open following reports of significant insider selling activity. CRCL closed at $103.23. It opened lower at $97.98.
Director Patrick Neville sold 50,000 shares. This transaction occurred on September 1st. The shares were valued at approximately $4.6 million. This reduced his stake by over 96%.
Executives, including CAO Tamara Schulz, also reported sales. These sales occurred under pre-arranged Rule 10b5-1 trading plans. Some sales covered tax withholding obligations related to the vesting of equity awards.
The stock gained over 52% in August. However, news of insider sales put downward pressure on shares. Shares traded down by over 5% during the session.