Coincheck Group N.V. (NASDAQ:CNCK) Sees Significant Drop in Short Interest

Coincheck Group N.V. (NASDAQ:CNCK) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 233,007 shares, a drop of 58.8% from the May 31st total of 564,881 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily volume of 106,520 shares, the days-to-cover ratio is currently 2.2 days.

Institutional Trading of Coincheck Group

Large investors have recently made changes to their positions in the company. Ghisallo Capital Management LLC raised its stake in Coincheck Group by 23.5% during 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. Geode Capital Management LLC grew its stake in Coincheck Group by 570.9% in the fourth quarter. Geode Capital Management LLC now owns 265,451 shares of the company’s stock valued at $669,000 after acquiring an additional 225,882 shares during the period. Kepos Capital LP bought a new stake in shares of Coincheck Group in the fourth quarter worth about $661,000. Balyasny Asset Management L.P. increased its holdings in shares of Coincheck Group by 120.0% in the second quarter. Balyasny Asset Management L.P. now owns 127,213 shares of the company’s stock worth $696,000 after acquiring an additional 69,377 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Coincheck Group by 25.1% in the third quarter. Millennium Management LLC now owns 78,238 shares of the company’s stock worth $362,000 after acquiring an additional 15,710 shares in the last quarter. Institutional investors own 33.22% of the company’s stock.

Coincheck Group Price Performance

Shares of Coincheck Group stock traded down $0.07 during trading on Tuesday, hitting $2.21. 27,761 shares of the company were exchanged, compared to its average volume of 601,007. The firm has a market capitalization of $300.41 million, a P/E ratio of 110.56 and a beta of 0.49. The firm’s fifty day moving average price is $1.91 and its 200 day moving average price is $2.26. Coincheck Group has a 1-year low of $1.39 and a 1-year high of $9.31.

Coincheck Group (NASDAQ:CNCK) last released its quarterly earnings data on Tuesday, May 12th. The company reported $999.00 earnings per share for the quarter. Coincheck Group had a negative net margin of 0.38% and a negative return on equity of 12.42%. As a group, equities research analysts anticipate that Coincheck Group will post -0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CNCK shares. Cantor Fitzgerald dropped their price target on shares of Coincheck Group from $2.70 to $2.50 and set a “neutral” rating for the company in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed 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 research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.75.

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.