Intchains Group (NASDAQ:ICG) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Intchains Group (NASDAQ:ICG) has been upgraded to a "hold" rating by Wall Street Zen amidst ongoing market activity.
• Maxim Group has reduced its target price for Intchains Group from $8.00 to $7.50 while maintaining a "buy" rating.
• The company reported a loss of ($0.08) EPS, significantly missing the consensus estimate, with revenue reported at $18.24 million compared to expectations of $125.65 million.

Intchains Group (NASDAQ:ICG - Get Free Report) was upgraded by research analysts at Wall Street Zen to a "hold" rating in a research report issued on Saturday.

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

Intchains Group Trading Down 1.2%

Shares of NASDAQ ICG traded down $0.03 on Friday, reaching $2.47. 179,577 shares of the company traded hands, compared to its average volume of 135,313. Intchains Group has a fifty-two week low of $1.19 and a fifty-two week high of $12.04. The company has a 50 day moving average of $2.32 and a 200 day moving average of $2.74. The stock has a market capitalization of $148.22 million, a PE ratio of 30.88 and a beta of 1.79.

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

Hedge Funds Weigh In On Intchains Group

An institutional investor recently bought a new position in Intchains Group stock. Citadel Advisors LLC bought a new stake in Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 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.