Coincheck Group (NASDAQ:CNCK) Stock Price Up 1.2% - What's Next?

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.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wall Street Zen upgraded Coincheck Group from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 17th. KeyCorp started coverage on Coincheck Group in a research report 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 objective (down from $9.00) on shares of Coincheck Group in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $6.00.

Coincheck Group Price Performance

The stock has a 50 day moving average price of $5.12 and a 200-day moving average price of $5.69.

Hedge Funds Weigh In On Coincheck Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNCK. Gordian Capital Singapore Pte Ltd acquired a new position in Coincheck Group during the fourth quarter worth $25,000. Goldman Sachs Group Inc. acquired a new position in shares of Coincheck Group in the 1st quarter valued at $94,000. SBI Securities Co. Ltd. lifted its stake in shares of Coincheck Group by 62.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 21,419 shares of the company's stock valued at $109,000 after purchasing an additional 8,243 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Coincheck Group in the 4th quarter valued at $134,000. Finally, Marshall Wace LLP acquired a new position in shares of Coincheck Group in the 2nd quarter valued at $192,000. Institutional investors and hedge funds 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.