Coincheck Group (NASDAQ:CNCK) Trading Up 1.2% - Time to Buy?

Key Points

• Coincheck Group N.V. (NASDAQ:CNCK) experienced a 1.2% increase in its share price, reaching a high of $5.05 during mid-day trading on Tuesday.
• Wall Street analysts have recently provided mixed evaluations of CNCK, with Cantor Fitzgerald setting a new price objective of $6.00 and upgrades from "strong sell" to "hold" from Wall Street Zen.
• Significant institutional investment activity includes a 120% increase in holdings by Balyasny Asset Management and several new positions established by other hedge funds during the second quarter.

Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report)'s stock price rose 1.2% during trading on Tuesday . The stock traded as high as $5.05 and last traded at $4.96. Approximately 7,152 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 34,755 shares. The stock had previously closed at $4.90.

Wall Street Analyst Weigh In

CNCK has been the subject of several research reports. 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. KeyCorp initiated coverage on shares of Coincheck Group in a research note on Wednesday, July 23rd. They issued a "sector weight" rating for the company. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $6.00 price target (down previously from $9.00) on shares of Coincheck Group in a research note on Friday, August 8th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $6.00.

Coincheck Group Stock Performance

The business's 50 day moving average is $5.12 and its 200 day moving average is $5.70.

Hedge Funds Weigh In On Coincheck Group

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP acquired a new position in shares of Coincheck Group during the fourth quarter worth $911,000. Balyasny Asset Management L.P. acquired a new position in Coincheck Group in the fourth quarter valued at $362,000. Jane Street Group LLC acquired a new position in Coincheck Group in the fourth quarter valued at $134,000. SBI Securities Co. Ltd. boosted 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 acquiring an additional 8,243 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in 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 acquiring an additional 15,983 shares in the last quarter. Institutional investors and hedge funds own 33.22% of the company's stock.

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.