Coincheck Group (NASDAQ:CNCK) Shares Gap Up - Here's Why

Key Points

• Coincheck Group's stock gapped up to $4.90 at the open, following a previous close of $4.75, and last traded at $5.09 with a volume of 41,413 shares.
• Several analysts have adjusted their ratings and price targets for Coincheck Group, with a consensus rating of "Hold" and a revised price target of $6.00.
• Institutional investors have significantly increased their stakes in Coincheck Group, with over 33% of the stock owned by hedge funds and institutional investors.

Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $4.75, but opened at $4.90. Coincheck Group shares last traded at $5.09, with a volume of 41,413 shares trading hands.

Wall Street Analysts Forecast Growth

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

Coincheck Group Stock Up 1.3%

The stock has a 50 day simple moving average of $5.03 and a 200-day simple moving average of $5.63.

Institutional Investors Weigh In On Coincheck Group

Hedge funds have recently made changes to their positions in the company. Jane Street Group LLC purchased a new stake in shares of Coincheck Group in the 4th quarter worth $134,000. Goldman Sachs Group Inc. purchased a new stake in Coincheck Group in the first quarter valued at about $94,000. SBI Securities Co. Ltd. raised its stake in Coincheck Group by 62.6% in the first quarter. SBI Securities Co. Ltd. now owns 21,419 shares of the company's stock valued at $109,000 after buying an additional 8,243 shares during the last quarter. Marshall Wace LLP purchased a new stake in Coincheck Group in the second quarter valued at about $192,000. Finally, Geode Capital Management LLC increased its holdings in shares of Coincheck Group by 76.1% in the second 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. 33.22% of the stock is currently owned by hedge funds and other institutional investors.

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.