Coincheck Group (NASDAQ:CNCK) Trading Down 4.5% - Time to Sell?

Key Points

• Coincheck Group (NASDAQ:CNCK) shares fell by 4.5% to $4.67, with trading volume declining 63% from the average session.
• Analysts have recently upgraded the stock's rating to "hold," although a recent price target was reduced from $9.00 to $6.00.
• Institutional investors collectively own 33.22% of Coincheck Group, with significant acquisitions made by firms like Wellington Management Group.

Shares of Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report) were down 4.5% on Thursday . The stock traded as low as $4.67 and last traded at $4.67. Approximately 22,224 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 60,693 shares. The stock had previously closed at $4.89.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CNCK shares. KeyCorp assumed coverage on shares of Coincheck Group in a report on Wednesday, July 23rd. They issued a "sector weight" rating for the company. Cantor Fitzgerald reiterated a "neutral" rating and set a $6.00 price target (down previously from $9.00) on shares of Coincheck Group in a research report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Coincheck Group from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 17th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $6.00.

Coincheck Group Price Performance

The company has a 50-day simple moving average of $5.00 and a 200 day simple moving average of $5.62.

Institutional Investors Weigh In On Coincheck Group

Several hedge funds and other institutional investors have recently bought and sold shares of CNCK. Wellington Management Group LLP purchased a new position in shares of Coincheck Group during the fourth quarter worth approximately $911,000. Balyasny Asset Management L.P. raised its position in Coincheck Group by 120.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company's stock worth $696,000 after buying an additional 69,377 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Coincheck Group in the 2nd quarter worth $192,000. Goldman Sachs Group Inc. purchased a new stake in shares of Coincheck Group in the first quarter valued at about $94,000. Finally, SBI Securities Co. Ltd. increased its stake in shares of Coincheck Group by 74.8% during the second quarter. SBI Securities Co. Ltd. now owns 37,438 shares of the company's stock worth $205,000 after acquiring an additional 16,019 shares during the period. 33.22% of the stock is currently owned by institutional investors and hedge funds.

About Coincheck Group

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.