Coincheck Group (NASDAQ:CNCK) Trading Down 9.1% - Should You Sell?

Key Points

• Coincheck Group's stock price fell by 9.1% to $4.57, with trading volume declining by 26% from the average.
• Analysts have recently downgraded the stock from a "hold" to a "sell" rating, with KeyCorp initiating coverage with a "sector weight" rating.
• Institutional investors hold 33.22% of Coincheck Group's stock, indicating significant interest despite recent price declines.

Shares of Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report) fell 9.1% during trading on Thursday . The stock traded as low as $4.53 and last traded at $4.57. 47,917 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 64,626 shares. The stock had previously closed at $5.03.

Analysts Set New Price Targets

Several analysts have recently issued reports on CNCK shares. Wall Street Zen lowered shares of Coincheck Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. KeyCorp started coverage on shares of Coincheck Group in a research note on Wednesday, July 23rd. They set a "sector weight" rating for the company. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $6.00 price objective (down previously from $9.00) on shares of Coincheck Group in a research note on Friday.

Coincheck Group Price Performance

The company's fifty day simple moving average is $5.34 and its 200 day simple moving average is $6.14.

Institutional Trading of Coincheck Group

Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in shares of Coincheck Group in the 4th quarter valued at approximately $911,000. JPMorgan Chase & Co. purchased a new position in shares of Coincheck Group during the 4th quarter worth $533,000. Linden Advisors LP purchased a new stake in Coincheck Group in the 4th quarter valued at about $1,397,000. Ghisallo Capital Management LLC purchased a new stake in Coincheck Group during the fourth quarter worth about $10,439,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Coincheck Group during the fourth quarter worth about $362,000. 33.22% of the stock is owned by hedge funds and other institutional investors.

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.