Overview
- Millennium Management sold 4.6 million Palantir shares, cutting its stake by 91%, and D.E. Shaw sold 6.4 million shares, reducing its holding by 41%, as both added small positions in Circle.
- Circle’s stock has dropped about 77% from a summer peak to roughly $69–$66 this week, returning to levels seen at its June debut.
- Circle reported third‑quarter revenue of $740 million and net income of $214 million, beating estimates, while reserve yield slipped 96 basis points to 4.15% as management warned lower Fed rates could pressure returns.
- Wall Street targets for Circle range from $243 to $280 from Citigroup, Canaccord Genuity and Seaport Research, and Ark Invest disclosed about $3.1 million in share purchases this week.
- Palantir remains under valuation scrutiny at roughly 102 times sales as Michael Burry disclosed sizable put positions and CEO Alex Karp’s stock sales over the past two years drew attention.