Intchains Group (NASDAQ:ICG) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen has downgraded Intchains Group's rating from "hold" to "sell" in a recent note to investors.
• Despite the downgrade, other firms like Benchmark have reaffirmed a "buy" rating, while Maxim Group lowered their price target to $7.50.
• Intchains Group reported a $0.09 EPS for the last quarter, missing analyst estimates, with significant revenue underperformance compared to expectations.

Wall Street Zen lowered shares of Intchains Group (NASDAQ:ICG - Free Report) from a hold rating to a sell rating in a research report released on Sunday.

Several other equities analysts also recently commented on the company. Benchmark restated a "buy" rating on shares of Intchains Group in a research report on Friday. Maxim Group dropped their target price on Intchains Group from $8.00 to $7.50 and set a "buy" rating for the company in a report on Tuesday, May 27th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target of $7.50.

Intchains Group Price Performance

ICG stock traded up $0.2950 on Friday, reaching $2.1450. 129,623 shares of the company traded hands, compared to its average volume of 137,275. The company has a market cap of $128.72 million, a P/E ratio of 42.90 and a beta of 1.79. The firm has a fifty day simple moving average of $2.34 and a 200-day simple moving average of $2.67. Intchains Group has a one year low of $1.19 and a one year high of $12.04.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.11 by ($0.02). The firm had revenue of $6.00 million during the quarter, compared to analysts' expectations of $104.89 million. Intchains Group had a return on equity of 2.04% and a net margin of 6.64%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Citadel Advisors LLC purchased a new position in shares of Intchains Group during the fourth quarter valued at approximately $35,000. Marex Group plc purchased a new stake in shares of Intchains Group in the second quarter valued at approximately $105,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Intchains Group in the first quarter valued at approximately $142,000.

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.