CRCL Faces Q3 Test as Prediction Markets Bet on Earnings Beat Despite AI Revenue Risks

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Cryptocurrency bettors anticipate that Circle Internet Group Inc. (NYSE: CRCL ) will beat analyst expectations when it releases its quarterly earnings before the opening bell on Wednesday.

Will it Be a Double Beat?

Polygon (CRYPTO: POL) -based Polymarketcurrently prices in a 73% chance that the stablecoin issuing company reports GAAP earnings per share greater than $0.37 in the third quarter.

Circle, the issuer behind the world's second-largest stablecoin USDC (CRYPTO: USDC) , missed second-quarter earnings forecasts after three consecutive quarters of beats.

The company is expected to post revenue of $791.2 million, up about 7% year over year and 12.8% from the second quarter.

Read Also: Bitcoin Buyers May Look Back by March and Say 'I Could Have Bought Bitcoin at $80,000,' Galaxy Analyst Says

Will Circle Earnings Cheer Shareholders?

The CRCL stock currently carries a consensus "Buy" rating , with 23 analysts converging on an average price target of $108, implying an upside of over 48% from current levels.

The stock received Buy reaffirmations and higher price targets from Needhamand TD Cowen. Mizuho, however, cut its price target , warning that AI personal assistant agents pose a "marked risk" to the stablecoin issuer's medium-term revenue.

Notably, insiders own 1.2% of the total shares outstanding and carried out 14 sales worth $25.4 million over the last three months. Top executives, including Circle CEO Jeremy Allaire, also offloaded some shares.

Circle's primary source of revenue is interest income earned on the reserves—mostly in short-term U.S. Treasuries and cash— backing its USDC stablecoin.

USDC in circulation rose modestly to $74.58 billion in the third quarter, according to DeFiLlama.

Price Action: Circle shares are up 1.60% in overnight trading, according to Benzinga Pro. The stock closed 9.31% lower at $72.54 during Friday's regular trading session.

Benzinga's Edge Stock Rankings indicate that CRCL maintains a weaker price trend in the short, medium, and long terms.

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This article CRCL Faces Q3 Test as Prediction Markets Bet on Earnings Beat Despite AI Revenue Risks originally appeared on Benzinga.com

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