Coincheck Group (NASDAQ:CNCK) Trading 18.8% Higher – Time to Buy?

Coincheck Group N.V. (NASDAQ:CNCK)’s share price rose 18.8% on Wednesday . The company traded as high as $5.20 and last traded at $5.12. Approximately 25,072 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 179,840 shares. The stock had previously closed at $4.31.

Analysts Set New Price Targets

CNCK has been the subject of several research reports. Wall Street Zen upgraded Coincheck Group from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Coincheck Group in a research report on Monday. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $6.00.

Coincheck Group Trading Up 24.1%

The firm has a fifty day moving average price of $4.18 and a 200 day moving average price of $4.80. The firm has a market cap of $693.90 million, a PE ratio of -6.15 and a beta of 0.07.

Institutional Trading of Coincheck Group

Several hedge funds have recently made changes to their positions in CNCK. Goldman Sachs Group Inc. acquired a new stake in shares of Coincheck Group during the 1st quarter worth approximately $94,000. JPMorgan Chase & Co. grew its position in Coincheck Group by 22.3% in the third quarter. JPMorgan Chase & Co. now owns 28,788 shares of the company’s stock worth $133,000 after acquiring an additional 5,257 shares during the period. Voya Investment Management LLC acquired a new stake in Coincheck Group during the third quarter worth $164,000. Marshall Wace LLP acquired a new stake in Coincheck Group during the second quarter worth $192,000. Finally, Geode Capital Management LLC raised its position in Coincheck Group by 76.1% in the second quarter. Geode Capital Management LLC now owns 36,986 shares of the company’s stock valued at $202,000 after purchasing an additional 15,983 shares during the period. 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.