Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Sees Large Drop in Short Interest

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 157,702 shares, a decline of 14.5% from the February 26th total of 184,523 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average trading volume of 27,397 shares, the days-to-cover ratio is currently 5.8 days.

Wall Street Analyst Weigh In

ICG has been the subject of several recent research reports. Benchmark reduced their price target on Intchains Group from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Intchains Group in a research report on Thursday, January 22nd. Finally, UBS Group reiterated a “neutral” rating on shares of Intchains Group in a research note on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Intchains Group during the 1st quarter worth approximately $142,000. Marex Group plc acquired a new stake in Intchains Group during the 2nd quarter valued at $105,000. Independent Advisor Alliance bought a new position in Intchains Group during the fourth quarter worth $37,000. Goldman Sachs Group Inc. boosted its position in Intchains Group by 509.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 100,759 shares of the company’s stock worth $180,000 after purchasing an additional 84,228 shares during the period. Finally, SmartHarvest Portfolios LLC acquired a new position in shares of Intchains Group in the fourth quarter valued at $121,000.

Intchains Group Price Performance

Intchains Group stock opened at $1.25 on Thursday. The company’s 50-day moving average is $1.46 and its 200-day moving average is $1.58. The firm has a market capitalization of $75.89 million, a PE ratio of -10.42 and a beta of 1.41. Intchains Group has a fifty-two week low of $0.93 and a fifty-two week high of $3.34.

Intchains Group (NASDAQ:ICG) last issued its earnings results on Friday, February 27th. The company reported ($0.15) earnings per share (EPS) for the quarter. Intchains Group had a negative net margin of 24.68% and a negative return on equity of 5.29%. The firm had revenue of $5.16 million during the quarter, compared to analyst estimates of $42.70 million.

Intchains Group Company Profile

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.