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

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

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

Coincheck Group Price Performance

Coincheck Group stock opened at $2.24 on Wednesday. The company has a market cap of $304.48 million, a price-to-earnings ratio of -24.89 and a beta of 0.45. The firm has a 50-day moving average of $1.93 and a 200-day moving average of $2.21. Coincheck Group has a one year low of $1.39 and a one year high of $9.31.

Coincheck Group (NASDAQ:CNCK) last released its earnings results 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 company had revenue of $752.40 million during the quarter.

Institutional Trading of Coincheck Group

Several institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in Coincheck Group in the 4th quarter valued at $84,000. Goldman Sachs Group Inc. acquired a new stake in shares of Coincheck Group during the first quarter worth $94,000. HRT Financial LP bought a new stake in shares of Coincheck Group in the fourth quarter valued at about $132,000. JPMorgan Chase & Co. boosted its position in shares of Coincheck Group by 22.3% in the third quarter. JPMorgan Chase & Co. now owns 28,788 shares of the company’s stock valued at $133,000 after acquiring an additional 5,257 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Coincheck Group in the second quarter valued at about $192,000. 33.22% of the stock is currently owned by institutional investors.

About Coincheck Group

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.