Short Interest in Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Decreases By 34.9%

Key Points

• Short interest in Intchains Group Limited fell by 34.9% in September, reducing the total to 137,300 shares from 211,000 shares.
• Analysts have mixed opinions on ICG, with Weiss Ratings reiterating a "sell" rating, while Benchmark maintained a "buy" rating; the average price target is currently $7.50.
• Intchains Group reported a net margin of 6.64% and a revenue of $6.00 million for the last quarter, significantly below the consensus estimate of $104.89 million.

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Get Free Report) was the target of a large decline in short interest in September. As of September 30th, there was short interest totaling 137,300 shares, a decline of 34.9% from the September 15th total of 211,000 shares. Based on an average daily volume of 170,400 shares, the days-to-cover ratio is presently 0.8 days. Based on an average daily volume of 170,400 shares, the days-to-cover ratio is presently 0.8 days.

Analysts Set New Price Targets

ICG has been the topic of several research analyst reports. Weiss Ratings reiterated a "sell (d)" rating on shares of Intchains Group in a research note on Wednesday, October 8th. Wall Street Zen lowered Intchains Group from a "hold" rating to a "sell" rating in a report on Sunday, August 17th. Finally, Benchmark reaffirmed a "buy" rating on shares of Intchains Group in a research note on Friday, August 15th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $7.50.

Intchains Group Stock Performance

ICG stock traded down $0.08 during trading on Wednesday, reaching $1.48. 67,654 shares of the company traded hands, compared to its average volume of 138,308. The business has a 50 day simple moving average of $1.84 and a 200 day simple moving average of $2.08. Intchains Group has a 12 month low of $1.19 and a 12 month high of $12.04. The company has a market capitalization of $89.35 million, a price-to-earnings ratio of 29.60 and a beta of 1.71.

Intchains Group (NASDAQ:ICG - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.11 by ($0.02). Intchains Group had a net margin of 6.64% and a return on equity of 2.04%. The firm had revenue of $6.00 million during the quarter, compared to the consensus estimate of $104.89 million.

Institutional Investors Weigh In On Intchains Group

An institutional investor recently bought a new position in Intchains Group stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Intchains Group Limited Unsponsored ADR (NASDAQ:ICG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 52,369 shares of the company's stock, valued at approximately $142,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.09% of Intchains Group as of its most recent SEC filing.

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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