what does the light blue transparent circle mean when you find someone on share your location?
Share location
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It means the location accuracy is not 100%, and the location is within that blue shaded area, but not exactly determined.
Usually happens when the device is inside a building or something else obscuring exact location.
The larger the blue circle is, the less accurate the location is.
Read here for details:
About privacy and Location Services in iOS 8 and later - Apple Support