Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Stock Short Interest Report for October

Key Points

• Short interest nearly doubled: Intchains Group’s short interest rose 94.8% to 129,091 shares as of October 15, representing 0.2% of shares outstanding and a 0.4-day days-to-cover ratio.
• Quarterly results missed expectations: The company reported a loss of $0.18 per share and revenue of $0.82 million, well below the $0.03-per-share loss and $5.17 million revenue analysts expected.
• Analyst sentiment remains mixed: The stock has a consensus “Hold” rating and a $2.50 price target, with ratings ranging from Sell to Buy; shares recently opened at $1.26.

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Get Free Report) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 129,091 shares, an increase of 94.8% from the September 30th total of 66,278 shares. Currently, 0.2% of the company's shares are sold short. Based on an average daily volume of 364,955 shares, the days-to-cover ratio is presently 0.4 days.

Intchains Group Price Performance

NASDAQ ICG opened at $1.26 on Friday. The company has a market cap of $76.49 million, a P/E ratio of -10.50 and a beta of 1.11. The stock has a 50-day moving average of $1.08 and a two-hundred day moving average of $1.16. Intchains Group has a 1-year low of $0.60 and a 1-year high of $2.28.

Intchains Group (NASDAQ:ICG - Get Free Report) last issued its quarterly earnings results on Thursday, August 20th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.15). The firm had revenue of $0.82 million for the quarter, compared to analyst estimates of $5.17 million.

Analysts Set New Price Targets

Several brokerages have weighed in on ICG. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Intchains Group in a research note on Monday, October 12th. Maxim Group reissued a "buy" rating and issued a $3.00 price target on shares of Intchains Group in a research note on Monday, August 24th. Finally, Benchmark decreased their price objective on shares of Intchains Group from $3.00 to $2.00 and set a "buy" rating on the stock in a report on Friday, August 21st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $2.50.

Intchains Group Company Profile

Intchains Group Limited is a fabless integrated circuit design company focused primarily on application-specific integrated circuit (ASIC) chips and related solutions for blockchain and other high-performance computing applications. The company develops chip designs and supporting technologies rather than manufacturing semiconductors directly.

Its offerings include ASIC chips, blockchain computing equipment and related hardware and software solutions. These products are intended to support specialized computing tasks, including cryptocurrency mining and other applications that require high-performance, purpose-built processing capabilities.

Intchains Group is incorporated in the Cayman Islands and conducts its operating activities through subsidiaries in China.

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