Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Stock Short Interest Rises 94.8%

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

Intchains Group Price Performance

NASDAQ:ICG traded up $0.07 during trading hours on Monday, hitting $1.33. 147,309 shares of the company were exchanged, compared to its average volume of 213,002. The company’s 50 day moving average price is $1.08 and its 200-day moving average price is $1.16. Intchains Group has a 52-week low of $0.60 and a 52-week high of $2.28. The stock has a market capitalization of $81.05 million, a price-to-earnings ratio of -11.12 and a beta of 0.92.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Maxim Group restated a “buy” rating and set a $3.00 price objective on shares of Intchains Group in a research note on Monday, August 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of Intchains Group in a research note on Monday, October 12th. Finally, Benchmark cut their target price on Intchains Group from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Friday, August 21st. Two investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.50.

About Intchains Group

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.