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 during 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. Approximately 0.2% of the shares of the stock are sold short. Based on an average trading volume of 364,955 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Benchmark lowered their target price on shares of Intchains Group from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Friday, August 21st. Weiss Ratings reissued a “sell (d)” rating on shares of Intchains Group in a research note on Monday, October 12th. Finally, Maxim Group reissued a “buy” rating and issued a $3.00 price target on shares of Intchains Group in a report on Monday, August 24th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Intchains Group currently has an average rating of “Hold” and a consensus price target of $2.50.

Intchains Group Stock Up 10.3%

ICG opened at $1.39 on Tuesday. The business’s fifty day simple moving average is $1.09 and its 200 day simple moving average is $1.15. Intchains Group has a 52 week low of $0.60 and a 52 week high of $2.28. The stock has a market cap of $84.39 million, a PE ratio of -11.58 and a beta of 1.11.

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

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.