Coincheck Group (NASDAQ:CNCK) Shares Gap Down - What's Next?

Key Points

• Coincheck Group's stock price gapped down to $4.70 at market open, following a previous close of $4.84, and recently traded at $4.88.
• Analysts have issued mixed ratings for Coincheck Group, with a consensus price target of $6.00, down from previous expectations, indicating a cautious outlook.
• Institutional investors are increasing their stakes in Coincheck Group, with significant acquisitions noted from firms like Balyasny Asset Management and Voya Investment Management.

Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $4.84, but opened at $4.70. Coincheck Group shares last traded at $4.88, with a volume of 4,272 shares traded.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CNCK. Cantor Fitzgerald reissued a "neutral" rating and set a $6.00 price objective (down from $9.00) on shares of Coincheck Group in a report on Friday, August 8th. KeyCorp began coverage on Coincheck Group in a report on Wednesday, July 23rd. They set a "sector weight" rating for the company. Wall Street Zen raised Coincheck Group from a "strong sell" rating to a "hold" rating in a report on Sunday, August 17th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Coincheck Group in a report on Saturday, September 27th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $6.00.

Coincheck Group Trading Up 5.6%

The company has a 50-day moving average price of $4.80 and a 200-day moving average price of $5.51.

Hedge Funds Weigh In On Coincheck Group

Several institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC acquired a new position in shares of Coincheck Group during the 3rd quarter worth about $164,000. Balyasny Asset Management L.P. grew its position in shares of Coincheck Group by 120.0% in the 2nd quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company's stock valued at $696,000 after purchasing an additional 69,377 shares during the period. Marshall Wace LLP acquired a new position in shares of Coincheck Group in the 2nd quarter valued at approximately $192,000. Geode Capital Management LLC grew its position in shares of Coincheck Group by 76.1% in the 2nd quarter. Geode Capital Management LLC now owns 36,986 shares of the company's stock valued at $202,000 after purchasing an additional 15,983 shares during the period. Finally, SBI Securities Co. Ltd. grew its position in shares of Coincheck Group by 74.8% in the 2nd quarter. SBI Securities Co. Ltd. now owns 37,438 shares of the company's stock valued at $205,000 after purchasing an additional 16,019 shares during the period. 33.22% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.