Coincheck Group (NASDAQ:CNCK) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Coincheck Group (NASDAQ:CNCK) from a hold rating to a strong sell rating in a report released on Wednesday,Zacks.com reports.

A number of other equities analysts also recently commented on CNCK. Cantor Fitzgerald decreased their price objective 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 reissued a “sell (e+)” rating on shares of Coincheck Group in a report on Friday, May 22nd. Finally, Wall Street Zen upgraded shares of Coincheck Group from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $3.75.

Coincheck Group Stock Up 5.2%

NASDAQ:CNCK opened at $2.24 on Wednesday. The business’s 50 day moving average is $1.93 and its two-hundred day moving average is $2.21. Coincheck Group has a 52 week low of $1.39 and a 52 week high of $9.31. The company has a market cap of $304.48 million, a PE ratio of -24.89 and a beta of 0.45.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in Coincheck Group in the fourth quarter worth $84,000. Goldman Sachs Group Inc. acquired a new position in shares of Coincheck Group during the first quarter valued at $94,000. HRT Financial LP bought a new position in shares of Coincheck Group during the fourth quarter worth about $132,000. JPMorgan Chase & Co. grew its position 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 acquiring an additional 5,257 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Coincheck Group in the 2nd quarter worth about $192,000. 33.22% of the stock is currently owned by 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.