Coincheck Group (NASDAQ:CNCK) Stock Rating Upgraded by Zacks Research

Coincheck Group (NASDAQ:CNCK) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently weighed in on the company. Cantor Fitzgerald lowered their price objective on Coincheck Group from $2.70 to $2.50 and set a “neutral” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Coincheck Group in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.75.

Coincheck Group Stock Down 2.2%

Shares of Coincheck Group stock opened at $1.80 on Thursday. Coincheck Group has a 52-week low of $1.40 and a 52-week high of $9.31. The firm’s 50 day moving average price is $2.20 and its 200-day moving average price is $2.19. The company has a market cap of $293.36 million, a P/E ratio of -20.00 and a beta of 0.45.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Coincheck Group by 22.3% during the third quarter. JPMorgan Chase & Co. now owns 28,788 shares of the company’s stock worth $133,000 after purchasing an additional 5,257 shares during the period. Ghisallo Capital Management LLC increased its holdings in Coincheck Group by 23.5% in the 4th quarter. Ghisallo Capital Management LLC now owns 1,055,172 shares of the company’s stock worth $2,659,000 after buying an additional 200,930 shares during the period. Balyasny Asset Management L.P. increased its holdings in Coincheck Group by 120.0% in the 2nd quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company’s stock worth $696,000 after buying an additional 69,377 shares during the period. Geode Capital Management LLC raised its position in Coincheck Group by 570.9% during the 4th quarter. Geode Capital Management LLC now owns 265,451 shares of the company’s stock worth $669,000 after buying an additional 225,882 shares during the last quarter. Finally, Kepos Capital LP purchased a new position in Coincheck Group during the 4th quarter worth approximately $661,000. 33.22% of the stock is currently owned by hedge funds and other institutional investors.

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.