Zacks Research Downgrades Coincheck Group (NASDAQ:CNCK) to Strong Sell

Coincheck Group (NASDAQ:CNCK) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also weighed in on CNCK. Cantor Fitzgerald lowered their price target on shares of Coincheck Group from $2.70 to $2.50 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Coincheck Group in a report on Friday, May 22nd. Finally, Wall Street Zen raised shares of Coincheck Group from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $3.75.

Coincheck Group Stock Up 5.2%

NASDAQ CNCK opened at $2.24 on Wednesday. The stock has a market cap of $304.48 million, a PE ratio of -24.89 and a beta of 0.45. Coincheck Group has a fifty-two week low of $1.39 and a fifty-two week high of $9.31. The business has a 50 day moving average price of $1.93 and a two-hundred day moving average price of $2.21.

Coincheck Group (NASDAQ:CNCK) last posted its quarterly earnings data on Monday, June 29th. The company reported ($0.06) earnings per share (EPS) for the quarter. Coincheck Group had a negative net margin of 0.38% and a negative return on equity of 12.42%. The firm had revenue of $752.40 million for the quarter.

Institutional Trading of Coincheck Group

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in Coincheck Group by 22.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,788 shares of the company’s stock worth $133,000 after acquiring an additional 5,257 shares in the last quarter. Millennium Management LLC raised its stake in shares of Coincheck Group by 25.1% in the 3rd quarter. Millennium Management LLC now owns 78,238 shares of the company’s stock valued at $362,000 after purchasing an additional 15,710 shares in the last quarter. Geode Capital Management LLC lifted its position 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 last quarter. Goldman Sachs Group Inc. bought a new position in shares of Coincheck Group during the first quarter worth about $94,000. Finally, Virtu Financial LLC acquired a new position in Coincheck Group in the fourth quarter worth about $84,000. Institutional investors and hedge funds own 33.22% of the company’s stock.

Coincheck Group Company Profile

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.