Coincheck Group (NASDAQ:CNCK) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Coincheck Group (NASDAQ:CNCK) released its quarterly earnings results on Thursday. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02, Zacks reports. Coincheck Group had a negative net margin of 2.54% and a negative return on equity of 152.38%.

Coincheck Group Trading Down 6.9%

NASDAQ CNCK traded down $0.19 during trading on Thursday, reaching $2.57. 19,910 shares of the company’s stock were exchanged, compared to its average volume of 217,225. The firm has a market capitalization of $349.34 million, a PE ratio of -2.95 and a beta of 0.10. Coincheck Group has a fifty-two week low of $2.00 and a fifty-two week high of $9.49. The company’s fifty day simple moving average is $2.97 and its 200-day simple moving average is $3.94.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. purchased a new stake in Coincheck Group in the 1st quarter worth approximately $94,000. JPMorgan Chase & Co. raised its position in Coincheck Group by 22.3% during 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 in the last quarter. Marshall Wace LLP acquired a new stake in Coincheck Group in the second quarter valued at approximately $192,000. Geode Capital Management LLC grew 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 worth $202,000 after acquiring an additional 15,983 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Coincheck Group by 25.1% during the 3rd quarter. Millennium Management LLC now owns 78,238 shares of the company’s stock worth $362,000 after purchasing an additional 15,710 shares during the last quarter. 33.22% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on CNCK shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Coincheck Group in a research note on Monday, December 29th. Compass Point began coverage on shares of Coincheck Group in a research note on Tuesday, January 6th. They set a “buy” rating and a $5.00 price objective on the stock. Finally, Wall Street Zen raised shares of Coincheck Group to a “hold” rating in a research note on Saturday, January 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.50.

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.