Coincheck Group (NASDAQ:CNCK) Downgraded by Wall Street Zen to Sell

Key Points

• Coincheck Group has been downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen.
• Shares of Coincheck Group saw a 4.3% decline, opening at $5.29, with a 12-month trading range between $4.22 and $14.42.
• Institutional investors currently own 33.22% of Coincheck Group's stock, with multiple hedge funds acquiring new stakes recently.

Wall Street Zen cut shares of Coincheck Group (NASDAQ:CNCK - Free Report) from a hold rating to a sell rating in a report issued on Saturday.

Separately, KeyCorp began coverage on Coincheck Group in a research note on Wednesday, July 23rd. They set a "sector weight" rating for the company.

Coincheck Group Stock Performance

Shares of CNCK traded down $0.23 during trading hours on Friday, hitting $5.25. 35,603 shares of the company were exchanged, compared to its average volume of 45,005. The firm has a fifty day simple moving average of $5.54 and a 200-day simple moving average of $6.42. Coincheck Group has a one year low of $4.22 and a one year high of $14.42.

Institutional Trading of Coincheck Group

A number of hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new stake in shares of Coincheck Group in the first quarter valued at $94,000. SBI Securities Co. Ltd. raised its holdings in shares of Coincheck Group by 62.6% during the first quarter. SBI Securities Co. Ltd. now owns 21,419 shares of the company's stock worth $109,000 after acquiring an additional 8,243 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Coincheck Group during the fourth quarter worth $911,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Coincheck Group during the fourth quarter worth $25,000. Finally, Shay Capital LLC acquired a new stake in shares of Coincheck Group in the fourth quarter worth about $1,005,000. Hedge funds and other institutional investors own 33.22% of the company's stock.

Coincheck Group Company Profile

Coincheck Group NV. is a Dutch public limited liability company and a holding company of Coincheck, Inc which operates one of the largest multi-cryptocurrency marketplaces and crypto asset exchanges in Japan and is regulated by the Financial Services Agency of Japan. The company was founded on February 18, 2022 and is headquartered in Amsterdam, Netherland.