Coincheck Group (NASDAQ:CNCK) Trading Down 4.8% - Should You Sell?

Key Points

• Coincheck Group's shares fell 4.8% to $4.52 during mid-day trading, marking a significant drop from the previous close of $4.75 with a trading volume that was 86% lower than average.
• Analysts have issued mixed ratings for Coincheck Group, with Cantor Fitzgerald lowering its target price to $6.00 and Weiss Ratings maintaining a "sell" rating, while Wall Street Zen upgraded the stock to "hold."
• Approximately 33.22% of the company's stock is owned by institutional investors, indicating some level of confidence from larger financial entities in the company's potential.

Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report) shares dropped 4.8% during mid-day trading on Monday . The company traded as low as $4.51 and last traded at $4.52. Approximately 7,879 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 57,810 shares. The stock had previously closed at $4.75.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CNCK shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $6.00 target price (down previously from $9.00) on shares of Coincheck Group in a research report on Friday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Coincheck Group in a report on Saturday, September 27th. KeyCorp began coverage on Coincheck Group in a research report on Wednesday, July 23rd. They set a "sector weight" rating for the company. Finally, Wall Street Zen upgraded Coincheck Group from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 17th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $6.00.

Coincheck Group Stock Performance

The firm has a fifty day moving average price of $4.81 and a 200 day moving average price of $5.49.

Institutional Investors Weigh In On Coincheck Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC acquired a new stake in shares of Coincheck Group during the 3rd quarter worth approximately $164,000. Balyasny Asset Management L.P. lifted its stake in shares of Coincheck Group by 120.0% in the 2nd quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company's stock valued at $696,000 after purchasing an additional 69,377 shares during the period. Marshall Wace LLP bought a new position in shares of Coincheck Group in the 2nd quarter worth $192,000. Geode Capital Management LLC grew its stake in shares of Coincheck Group by 76.1% during the second quarter. Geode Capital Management LLC now owns 36,986 shares of the company's stock worth $202,000 after purchasing an additional 15,983 shares during the period. Finally, SBI Securities Co. Ltd. grew its stake in shares of Coincheck Group by 74.8% during the second quarter. SBI Securities Co. Ltd. now owns 37,438 shares of the company's stock worth $205,000 after purchasing an additional 16,019 shares during the period. 33.22% of the stock is owned by institutional investors and hedge funds.

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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