Intchains Group (NASDAQ:ICG) Issues Earnings Results

Key Points

• Intchains Group reported a quarterly loss of $0.18 per share, missing analysts’ consensus estimate of a $0.03 loss by $0.15. The company also posted a negative 5.29% return on equity and a negative 24.68% net margin.
• Shares fell to $0.84 in Thursday trading, with volume significantly above average. The stock has a 12-month range of $0.60 to $2.28 and a market capitalization of approximately $51.3 million.
• Analyst sentiment remains mixed, with one Buy, one Hold and one Sell rating, resulting in a consensus Hold rating and an average price target of $3.00. Several institutional investors, including Goldman Sachs, recently increased their positions.

Intchains Group (NASDAQ:ICG - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.15), FiscalAI reports. Intchains Group had a negative return on equity of 5.29% and a negative net margin of 24.68%.

Intchains Group Stock Performance

Shares of Intchains Group stock traded down $0.04 during midday trading on Thursday, reaching $0.84. 873,962 shares of the company's stock traded hands, compared to its average volume of 199,542. The stock has a 50 day moving average of $0.81 and a 200-day moving average of $1.11. Intchains Group has a 12 month low of $0.60 and a 12 month high of $2.28. The company has a market cap of $51.30 million, a PE ratio of -7.04 and a beta of 1.05.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Intchains Group during the first quarter valued at about $142,000. SmartHarvest Portfolios LLC bought a new position in shares of Intchains Group in the 4th quarter worth approximately $121,000. XTX Topco Ltd lifted its stake in shares of Intchains Group by 190.2% in the 4th quarter. XTX Topco Ltd now owns 75,354 shares of the company's stock valued at $135,000 after purchasing an additional 49,389 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Intchains Group by 509.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 100,759 shares of the company's stock valued at $180,000 after purchasing an additional 84,228 shares in the last quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (d)" rating on shares of Intchains Group in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $3.00.

About Intchains Group

Intchains Group Ltd NASDAQ: ICG is a technology company specializing in blockchain-based big data solutions. The company offers a suite of products and services aimed at enhancing data security, traceability and certification across diverse industries. Its core offerings include blockchain-powered data rights management, digital certificate issuance, supply-chain traceability platforms and analytics tools that leverage immutable ledgers to ensure data integrity.

Established in 2016 and headquartered in Beijing, Intchains Group serves a range of clients including government agencies, logistics providers, manufacturers and financial institutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source