Coincheck Group (NASDAQ:CNCK) Trading Down 3.9% - Time to Sell?

Key Points

• Coincheck Group's shares fell by 3.9% to $4.68, significantly below its previous closing price of $4.87, with trading volume dropping 74% compared to the average.
• Wall Street analysts have mixed opinions, with Coincheck Group receiving a consensus rating of "Reduce" and a price target of $6.00, reflecting concerns about its performance.
• Institutional investors have been active, with hedge funds like Jane Street Group and Goldman Sachs both purchasing new stakes, indicating ongoing interest in the stock despite its recent decline.

Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report) shares were down 3.9% during trading on Friday . The stock traded as low as $4.50 and last traded at $4.68. Approximately 15,218 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 58,227 shares. The stock had previously closed at $4.87.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wall Street Zen raised shares of Coincheck Group from a "strong sell" rating to a "hold" rating in a report on Sunday, August 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Coincheck Group in a report on Saturday, September 27th. KeyCorp started coverage on shares of Coincheck Group in a report on Wednesday, July 23rd. They issued a "sector weight" rating for the company. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $6.00 price objective (down previously from $9.00) on shares of Coincheck Group in a research report on Friday, August 8th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $6.00.

Coincheck Group Price Performance

The business's 50-day simple moving average is $4.82 and its 200-day simple moving average is $5.52.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC purchased a new stake in Coincheck Group during the fourth quarter valued at approximately $134,000. Goldman Sachs Group Inc. purchased a new stake in Coincheck Group during the first quarter valued at approximately $94,000. SBI Securities Co. Ltd. increased its holdings in Coincheck Group by 62.6% during 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 during the second quarter valued at approximately $192,000. Finally, Geode Capital Management LLC increased its holdings in Coincheck Group by 76.1% during the second quarter. Geode Capital Management LLC now owns 36,986 shares of the company's stock valued at $202,000 after buying an additional 15,983 shares during the last quarter. 33.22% of the stock is 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.

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