Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Stock Short Interest Report for September

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

Intchains Group Stock Performance

Shares of Intchains Group stock traded up $0.12 during trading hours on Wednesday, reaching $1.35. The company’s stock had a trading volume of 862,044 shares, compared to its average volume of 190,964. The company’s 50 day simple moving average is $0.95 and its 200 day simple moving average is $0.99. Intchains Group has a one year low of $0.60 and a one year high of $2.28. The stock has a market cap of $81.90 million, a P/E ratio of -11.17 and a beta of 1.11.

Intchains Group (NASDAQ:ICG) last posted its quarterly earnings results on Thursday, August 20th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.15). The firm had revenue of $0.82 million for the quarter, compared to analyst estimates of $5.17 million.

Analysts Set New Price Targets

Several brokerages have recently commented on ICG. Weiss Ratings reiterated a “sell (d)” rating on shares of Intchains Group in a research report on Monday. Benchmark dropped their price target on Intchains Group from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Friday, August 21st. Finally, 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. Two equities research analysts have 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, the company presently has an average rating of “Hold” and an average target price of $2.50.

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.