Coincheck Group (NASDAQ:CNCK) Shares Gap Down – Time to Sell?

Coincheck Group N.V. (NASDAQ:CNCK) shares gapped down prior to trading on Tuesday . The stock had previously closed at $7.88, but opened at $6.13. Coincheck Group shares last traded at $6.12, with a volume of 568,400 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CNCK shares. Cantor Fitzgerald restated a “neutral” rating and issued a $6.00 target price (down from $9.00) on shares of Coincheck Group in a research report on Friday, August 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Coincheck Group in a report on Monday, November 24th. Finally, Wall Street Zen raised Coincheck Group from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 17th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $6.00.

Coincheck Group Stock Down 24.4%

The stock has a market capitalization of $773.01 million, a PE ratio of -6.85 and a beta of 0.07. The stock’s 50-day moving average is $4.09 and its 200 day moving average is $4.85.

Institutional Investors Weigh In On Coincheck Group

Several hedge funds and other institutional investors have recently modified their holdings of CNCK. Balyasny Asset Management L.P. increased its holdings in shares of Coincheck Group by 120.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company’s stock worth $696,000 after purchasing an additional 69,377 shares during the period. Voya Investment Management LLC bought a new stake in shares of Coincheck Group in the third quarter valued at about $164,000. Marshall Wace LLP acquired a new stake in Coincheck Group during the second quarter worth about $192,000. Goldman Sachs Group Inc. bought a new position in Coincheck Group during the first quarter valued at about $94,000. Finally, SBI Securities Co. Ltd. increased its stake in Coincheck Group by 74.8% during the second quarter. SBI Securities Co. Ltd. now owns 37,438 shares of the company’s stock valued at $205,000 after acquiring an additional 16,019 shares during the period. Institutional investors and hedge funds 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.