Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Shares Shorted: Short Interest Down 50.0% in September

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 66,278 shares, a decline of 50.0% from the September 15th total of 132,666 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 66,081 shares, the days-to-cover ratio is presently 1.0 days.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ICG shares. Benchmark lowered their price objective on shares of Intchains Group from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, August 21st. 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. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Intchains Group in a report on Monday. Two investment 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.50.

Intchains Group Stock Up 2.3%

Shares of ICG stock traded up $0.03 during trading hours on Friday, reaching $1.36. The company’s stock had a trading volume of 629,345 shares, compared to its average volume of 199,590. Intchains Group has a fifty-two week low of $0.60 and a fifty-two week high of $2.28. The firm’s 50 day simple moving average is $0.97 and its 200-day simple moving average is $0.99. The company has a market capitalization of $82.57 million, a price-to-earnings ratio of -11.33 and a beta of 1.11.

Intchains Group (NASDAQ:ICG) last posted its 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). The firm had revenue of $0.82 million for the quarter, compared to analysts’ expectations of $5.17 million.

Intchains Group Company Profile

Intchains Group Limited is a China-based fabless integrated circuit design company focused on application-specific integrated circuits (ASICs) for blockchain and other high-performance computing applications. The company develops chip products intended to support computationally intensive tasks, including cryptocurrency mining.

Its offerings include ASIC chips and related ancillary products, such as computing hardware and supporting components. Intchains is involved primarily in chip design, product development and sales, while manufacturing is conducted through third-party semiconductor foundries and suppliers.

Intchains Group operates through subsidiaries in China and serves customers in China and other markets.