Short Interest in Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Drops By 14.5%

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

Intchains Group Stock Up 0.4%

ICG traded up $0.01 during trading on Wednesday, reaching $1.24. The stock had a trading volume of 8,516 shares, compared to its average volume of 48,008. The stock has a 50 day moving average of $1.48 and a two-hundred day moving average of $1.58. The firm has a market capitalization of $74.98 million, a price-to-earnings ratio of -10.29 and a beta of 1.58. Intchains Group has a 1-year low of $0.93 and a 1-year high of $3.34.

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

Institutional Investors Weigh In On Intchains Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Independent Advisor Alliance bought a new position in shares of Intchains Group during the 4th quarter valued at about $37,000. XTX Topco Ltd raised its holdings in shares of Intchains Group by 190.2% in the 4th quarter. XTX Topco Ltd now owns 75,354 shares of the company’s stock worth $135,000 after purchasing an additional 49,389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Intchains Group during the first quarter valued at approximately $142,000. Marex Group plc acquired a new stake in Intchains Group during the second quarter valued at approximately $105,000. Finally, SmartHarvest Portfolios LLC bought a new stake in Intchains Group during the fourth quarter worth approximately $121,000.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ICG. UBS Group reiterated a “neutral” rating on shares of Intchains Group in a research note on Monday, December 8th. Weiss Ratings restated a “sell (d)” rating on shares of Intchains Group in a research report on Thursday, January 22nd. Finally, Benchmark reduced their price objective 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. 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 stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.25.

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.