Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Short Interest Up 754.4% in July

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 target of a significant growth in short interest in 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 trading volume, of 163,800 shares, the days-to-cover ratio is currently 1.0 days. Based on an average daily trading volume, of 163,800 shares, the days-to-cover ratio is currently 1.0 days.

Intchains Group Trading Down 1.8%

Shares of NASDAQ ICG opened at $2.72 on Friday. The stock has a fifty day simple moving average of $2.26 and a 200-day simple moving average of $2.83. Intchains Group has a twelve month low of $1.19 and a twelve month high of $12.04. The stock has a market capitalization of $163.23 million, a PE ratio of 34.00 and a beta of 1.71.

Intchains Group (NASDAQ:ICG - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The company reported ($0.08) earnings per share 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 company had revenue of $18.24 million for the quarter, compared to analysts' expectations of $125.65 million.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Intchains Group

An institutional investor recently bought a new position in Intchains Group stock. Citadel Advisors LLC purchased a new position in shares of Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,518 shares of the company's stock, valued at approximately $35,000.

Intchains Group Company Profile

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.

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