Coincheck Group (NASDAQ:CNCK) Stock Price Down 9.1% - Time to 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) were down 9.1% during mid-day trading on Thursday . The stock traded as low as $4.53 and last traded at $4.57. Approximately 47,917 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 64,626 shares. The stock had previously closed at $5.03.

Wall Street Analyst Weigh In

CNCK has been the topic of a number of analyst reports. KeyCorp began coverage on Coincheck Group in a report on Wednesday, July 23rd. They set a "sector weight" rating on the stock. Wall Street Zen downgraded shares of Coincheck Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th.

Coincheck Group Price Performance

The company's 50-day moving average is $5.37 and its 200-day moving average is $6.29.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNCK. Goldman Sachs Group Inc. bought a new position in shares of Coincheck Group during the first quarter valued at $94,000. SBI Securities Co. Ltd. grew its position in shares of 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 purchasing an additional 8,243 shares during the period. Wellington Management Group LLP acquired a new stake in Coincheck Group during the fourth quarter valued at approximately $911,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Coincheck Group during the 4th quarter worth about $25,000. Finally, Shay Capital LLC bought a new stake in shares of Coincheck Group in the fourth quarter valued at approximately $1,005,000. 33.22% of the stock is currently owned by institutional investors and hedge funds.

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.

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