Zacks Research Upgrades Coincheck Group (NASDAQ:CNCK) to "Hold"

Key Points

• Zacks Research upgraded Coincheck Group from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $3.75 target price.
• CNCK shares opened at $1.80, well below their 52-week high of $9.31, and the company reported a quarterly loss of $0.06 per share on $752.4 million in revenue.
• Institutional investors own 33.22% of the company, with firms including JPMorgan, Millennium Management and Geode Capital recently increasing their positions.

Coincheck Group (NASDAQ:CNCK - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Thursday,Zacks.com reports.

A number of other brokerages have also recently issued reports on CNCK. Weiss Ratings restated a "sell (e+)" rating on shares of Coincheck Group in a report on Friday, May 22nd. Cantor Fitzgerald lowered their target price on Coincheck Group from $2.70 to $2.50 and set a "neutral" rating on the stock in a research note on Wednesday, May 13th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Coincheck Group has a consensus rating of "Hold" and a consensus target price of $3.75.

Coincheck Group Stock Performance

NASDAQ CNCK opened at $1.80 on Thursday. The stock has a market cap of $293.36 million, a PE ratio of -20.00 and a beta of 0.45. The firm has a 50-day moving average of $2.20 and a 200-day moving average of $2.19. Coincheck Group has a 52-week low of $1.40 and a 52-week high of $9.31.

Coincheck Group (NASDAQ:CNCK - Get Free Report) last announced its quarterly earnings results on Monday, June 29th. The company reported ($0.06) EPS for the quarter. The company had revenue of $752.40 million during the quarter. Coincheck Group had a negative net margin of 0.38% and a negative return on equity of 12.90%. As a group, analysts predict that Coincheck Group will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Coincheck Group

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its stake in Coincheck Group by 22.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,788 shares of the company's stock worth $133,000 after purchasing an additional 5,257 shares in the last quarter. Millennium Management LLC grew its position in shares of Coincheck Group by 25.1% during the 3rd quarter. Millennium Management LLC now owns 78,238 shares of the company's stock worth $362,000 after purchasing an additional 15,710 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Coincheck Group by 76.1% during the 2nd 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 in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Coincheck Group during the first quarter worth approximately $94,000. Finally, Virtu Financial LLC bought a new position in shares of Coincheck Group during the fourth quarter worth approximately $84,000. 33.22% of the stock is owned by institutional investors.

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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