Jim Cramer on Circle: “It is Still Way Too High”

Circle Internet Group (NYSE:CRCL) is one of the stocks Jim Cramer recently shared his thoughts on. During the episode, Cramer discussed the stock’s volatile price movement, as he commented:

“Circle Internet, another crypto play. They have a stable coin, came public at $31, and rallied to $103 and then charged all the way to $298, are you kidding me, before falling to $131, where it is now. And I gotta tell you, it is still way too high. The moves in Figma, Bullish, and Circle Internet were all unsustainable.”

Image by Sergei Tokmakov Terms.Law from Pixabay

Circle Internet Group (NYSE:CRCL) builds infrastructure for stablecoin and blockchain applications. The company provides U.S. dollar-backed stablecoins with payment, liquidity, tokenization, and developer services. In an August episode, Cramer mentioned the stock and said:

“Next up, the larger deal was Circle Internet Group. The IPO market was starting to heat up… by the time Circle came public in early June. But even though Circle upsized its deal significantly and raised its offer price range and then still priced well above the high end of the range, it wasn’t ambitious enough. Deal priced at 31, but the stock opened for trading at 69. Within three weeks, it was nearly at 300. It’s since cooled off around, they’ve come down to 165, but that’s still probably way too high. I think winners from CoreWeave rolled their take into Circle and turned it into a meme stock.”

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Disclosure: None. This article is originally published at Insider Monkey.