Coincheck Group (NASDAQ:CNCK) Stock Price Down 3.9% – Here’s What Happened

Coincheck Group N.V. (NASDAQ:CNCK) shares dropped 3.9% during mid-day trading on Friday . The stock traded as low as $4.50 and last traded at $4.68. Approximately 15,218 shares traded hands 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 Analysts Forecast Growth

CNCK has been the subject of several recent analyst reports. KeyCorp assumed coverage on shares of Coincheck Group in a research report on Wednesday, July 23rd. They set a “sector weight” rating for the company. Cantor Fitzgerald restated a “neutral” rating and issued a $6.00 price target (down from $9.00) on shares of Coincheck Group in a report on Friday, August 8th. Wall Street Zen raised shares of Coincheck Group from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Coincheck Group in a research report on Saturday, September 27th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $6.00.

Coincheck Group Price Performance

The company has a 50-day simple moving average of $4.82 and a two-hundred day simple moving average of $5.52.

Institutional Trading of Coincheck Group

Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new stake in Coincheck Group in the fourth quarter worth about $911,000. Jane Street Group LLC purchased a new stake in shares of Coincheck Group during the 4th quarter worth approximately $134,000. Goldman Sachs Group Inc. purchased a new stake in shares of Coincheck Group during the 1st quarter worth approximately $94,000. SBI Securities Co. Ltd. raised its holdings in shares of Coincheck Group by 62.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 21,419 shares of the company’s stock worth $109,000 after purchasing an additional 8,243 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in Coincheck Group by 120.0% in the second 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 last quarter. Hedge funds and other institutional investors own 33.22% of the company’s stock.

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.