Wall Street brokerages had mixed recommendations on stablecoin issuer Circle Internet Group as they began coverage on Monday, with some analysts expressing concerns about its elevated valuation after the stock more than doubled since its market debut.

Several Wall Street analysts on Monday launched coverage of Circle Internet Group, following the stablecoin issuer's initial public offering earlier this month.

Circle Internet Group stock hasn’t behaved normally since the June 5 initial public offering. As of Friday’s close, shares of the stablecoin issuer have risen more than 450% to $180.43 from their IPO price of $31.