Short Interest in Coincheck Group N.V. (NASDAQ:CNCK) Grows By 78.9%

Key Points

• Short interest surged 78.9% to 165,815 shares as of August 14, representing 0.3% of Coincheck’s shares outstanding and 0.6 days to cover.
• Coincheck shares rose 1.4% to $2.11, while the company reported quarterly revenue of $717.43 million and an adjusted loss of $0.04 per share, matching analyst expectations.
• Analyst sentiment remains mixed but centers on a “Hold” consensus, with a $3.75 average price target; institutional investors and hedge funds own 33.22% of the stock.

Coincheck Group N.V. (NASDAQ:CNCK - Get Free Report) was the target of a large increase in short interest in the month of August. As of August 14th, there was short interest totaling 165,815 shares, an increase of 78.9% from the July 30th total of 92,684 shares. Based on an average daily volume of 258,281 shares, the days-to-cover ratio is currently 0.6 days. Currently, 0.3% of the shares of the stock are sold short.

Coincheck Group Trading Up 1.4%

Shares of NASDAQ:CNCK traded up $0.03 during midday trading on Friday, hitting $2.11. 19,522 shares of the stock were exchanged, compared to its average volume of 148,758. Coincheck Group has a twelve month low of $1.39 and a twelve month high of $9.31. The company has a 50 day moving average price of $2.30 and a 200-day moving average price of $2.12. The stock has a market cap of $343.89 million, a P/E ratio of -35.17 and a beta of 0.46.

Coincheck Group (NASDAQ:CNCK - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported ($0.04) EPS for the quarter, meeting analysts' consensus estimates of ($0.04). Coincheck Group had a negative net margin of 0.30% and a negative return on equity of 7.94%. The firm had revenue of $717.43 million for the quarter, compared to analysts' expectations of $693.43 million. On average, equities research analysts expect that Coincheck Group will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CNCK. Cantor Fitzgerald decreased their price objective on shares of Coincheck Group from $2.70 to $2.50 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. Weiss Ratings reissued a "sell (e+)" rating on shares of Coincheck Group in a research note on Wednesday, August 19th. Finally, Zacks Research raised Coincheck Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 30th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $3.75.

Institutional Trading of Coincheck Group

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. acquired a new position in shares of Coincheck Group during the 1st quarter worth approximately $94,000. Geode Capital Management LLC increased its position in 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 buying an additional 15,983 shares in the last quarter. Marshall Wace LLP purchased a new position in Coincheck Group during the second quarter worth $192,000. Balyasny Asset Management L.P. raised its holdings in shares of Coincheck Group by 120.0% in the second quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company's stock worth $696,000 after acquiring an additional 69,377 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Coincheck Group by 22.3% in the third quarter. JPMorgan Chase & Co. now owns 28,788 shares of the company's stock worth $133,000 after acquiring an additional 5,257 shares during the last quarter. 33.22% of the stock is currently owned by institutional investors and hedge funds.

About Coincheck Group

Coincheck Group NASDAQ: CNCK is a digital asset platform specializing in cryptocurrency trading and blockchain-based financial services. Headquartered in Tokyo, Japan, Coincheck operates one of the country’s largest cryptocurrency exchanges, offering a suite of services for both retail and institutional clients. Its platform supports spot trading of major digital assets such as Bitcoin, Ethereum and a variety of altcoins, complemented by secure wallet solutions and a range of order types designed to meet diverse trading needs.

Originally established in 2012, Coincheck gained early prominence in Japan’s evolving digital currency market.

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