Benchmark Cuts Intchains Group (NASDAQ:ICG) Price Target to $3.00

Intchains Group (NASDAQ:ICG) had its price objective lowered by Benchmark from $4.00 to $3.00 in a research report released on Tuesday,Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other brokerages have also recently commented on ICG. Weiss Ratings restated a “sell (d)” rating on shares of Intchains Group in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of Intchains Group from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Finally, UBS Group reissued a “neutral” rating on shares of Intchains Group in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Intchains Group presently has an average rating of “Hold” and an average target price of $5.25.

Intchains Group Stock Performance

Shares of Intchains Group stock opened at $1.23 on Tuesday. The firm has a market cap of $74.66 million, a PE ratio of -10.25 and a beta of 1.58. The business’s 50 day simple moving average is $1.67 and its 200 day simple moving average is $1.65. Intchains Group has a 52-week low of $0.93 and a 52-week high of $4.19.

Intchains Group (NASDAQ:ICG) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.15) earnings per share for the quarter. Intchains Group had a negative return on equity of 5.29% and a negative net margin of 24.68%.The firm had revenue of $5.16 million for the quarter, compared to analyst estimates of $42.70 million.

Hedge Funds Weigh In On Intchains Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings 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 buying an additional 84,228 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Intchains Group during the first quarter worth $142,000. XTX Topco Ltd lifted its stake in Intchains Group by 190.2% in the fourth quarter. XTX Topco Ltd now owns 75,354 shares of the company’s stock valued at $135,000 after acquiring an additional 49,389 shares during the last quarter. SmartHarvest Portfolios LLC bought a new position in shares of Intchains Group in the 4th quarter valued at about $121,000. Finally, Independent Advisor Alliance bought a new position in shares of Intchains Group in the 4th quarter valued at about $37,000.

About Intchains Group

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.