Short Interest in Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Increases By 754.4%

Key Points

• Intchains Group Limited experienced a dramatic increase in short interest of 754.4% in July, with a total of 164,900 shares shorted, compared to just 19,300 shares at the end of June.
• The stock is currently trading at $2.72, with a market capitalization of $163.23 million and a PE ratio of 34.00.
• Intchains Group's latest earnings report revealed earnings per share of ($0.08), significantly missing analysts' expectations, with actual revenue of $18.24 million compared to an expected $125.65 million.

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Get Free Report) was the recipient of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 164,900 shares, agrowthof754.4% from the June 30th total of 19,300 shares. Based on an average daily volume of 163,800 shares, the days-to-cover ratio is presently 1.0 days. Based on an average daily volume of 163,800 shares, the days-to-cover ratio is presently 1.0 days.

Analyst Upgrades and Downgrades

Separately, Maxim Group lowered their price target on Intchains Group from $8.00 to $7.50 and set a "buy" rating for the company in a report on Tuesday, May 27th.

Intchains Group Stock Up 0.4%

ICG traded up $0.01 during trading on Wednesday, hitting $2.75. 109,034 shares of the stock were exchanged, compared to its average volume of 133,968. Intchains Group has a 1-year low of $1.19 and a 1-year high of $12.04. The firm has a market capitalization of $165.03 million, a P/E ratio of 34.37 and a beta of 1.79. The stock has a fifty day moving average price of $2.28 and a two-hundred day moving average price of $2.80.

Intchains Group (NASDAQ:ICG - Get Free Report) last released its earnings results on Thursday, May 22nd. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.15). Intchains Group had a return on equity of 3.22% and a net margin of 8.24%. The firm had revenue of $18.24 million during the quarter, compared to analysts' expectations of $125.65 million.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Intchains Group stock. Citadel Advisors LLC acquired a new stake in shares of Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,518 shares of the company's stock, valued at approximately $35,000.

About Intchains Group

Intchains Group Limited designs and sells application-specific integrated circuit chips for blockchain applications in the People's Republic of China. The company also offers ancillary software, hardware, and other products. It serves distributors. Intchains Group Limited was founded in 2017 and is based in Pudong, China.