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

by · The Markets Daily

Coincheck Group N.V. (NASDAQ:CNCK – Get Free Report) saw a large growth in short interest during the month of August. As of August 14th, there was short interest totaling 165,815 shares, a growth of 78.9% from the July 30th total of 92,684 shares. Based on an average daily trading volume, of 258,281 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.3% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. acquired a new position in shares of Coincheck Group in the first quarter worth about $94,000. JPMorgan Chase & Co. grew its position in shares of Coincheck Group by 22.3% during the 3rd 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. Virtu Financial LLC purchased a new position in shares of Coincheck Group in the 4th quarter valued at about $84,000. Marshall Wace LLP purchased a new position in shares of Coincheck Group in the 2nd quarter valued at about $192,000. Finally, Geode Capital Management LLC raised its holdings in Coincheck Group by 76.1% in the 2nd quarter. Geode Capital Management LLC now owns 36,986 shares of the company’s stock worth $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.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CNCK shares. Zacks Research raised shares of Coincheck Group from a “strong sell” rating to a “hold” rating in a report on Thursday, July 30th. Cantor Fitzgerald decreased their target price on shares of Coincheck Group from $2.70 to $2.50 and set a “neutral” rating for the company in a research report on Wednesday, May 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Coincheck Group in a research report on Wednesday, August 19th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $3.75.

Read Our Latest Research Report on Coincheck Group

Coincheck Group Stock Performance

Coincheck Group stock traded down $0.01 during midday trading on Tuesday, hitting $2.10. 267,277 shares of the company were exchanged, compared to its average volume of 470,148. The firm has a market capitalization of $342.91 million, a PE ratio of -34.93 and a beta of 0.47. Coincheck Group has a fifty-two week low of $1.39 and a fifty-two week high of $9.31. The business has a fifty day simple moving average of $2.31 and a two-hundred day simple moving average of $2.11.

Coincheck Group (NASDAQ:CNCK – Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). Coincheck Group had a negative return on equity of 7.94% and a negative net margin of 0.30%.The company had revenue of $717.43 million during the quarter, compared to the consensus estimate of $693.43 million. As a group, equities analysts expect that Coincheck Group will post -0.11 earnings per share for the current year.

Coincheck Group Company Profile

(Get Free Report)

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.

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