Benchmark Cuts Intchains Group (NASDAQ:ICG) Price Target to $2.00

Intchains Group (NASDAQ:ICG) had its price objective decreased by Benchmark from $3.00 to $2.00 in a report released on Friday, Marketbeat Ratings reports. Benchmark currently has a buy rating on the stock.

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Intchains Group in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Intchains Group currently has a consensus rating of “Hold” and an average target price of $2.00.

Intchains Group Price Performance

Shares of Intchains Group stock opened at $1.01 on Friday. The stock has a market capitalization of $61.32 million, a P/E ratio of -8.42 and a beta of 1.05. The stock has a 50 day moving average price of $0.82 and a two-hundred day moving average price of $1.09. Intchains Group has a 12-month low of $0.60 and a 12-month high of $2.28.

Intchains Group (NASDAQ:ICG) last released its quarterly earnings results on Thursday, August 20th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.15). Intchains Group had a negative net margin of 24.68% and a negative return on equity of 5.29%. The firm had revenue of $0.82 million during the quarter, compared to the consensus estimate of $5.17 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its stake 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 in the last quarter. SmartHarvest Portfolios LLC acquired a new position in shares of Intchains Group in the 4th quarter valued at $121,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Intchains Group in the 1st quarter valued at $142,000. XTX Topco Ltd lifted its holdings in shares of Intchains Group by 190.2% during the 4th quarter. XTX Topco Ltd now owns 75,354 shares of the company’s stock worth $135,000 after acquiring an additional 49,389 shares during the period. Finally, Independent Advisor Alliance bought a new position in shares of Intchains Group during the 4th quarter worth about $37,000.

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.