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 significant decline in short interest during 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. Based on an average trading volume of 66,081 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.1% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Intchains Group in a report on Monday. Maxim Group reiterated a “buy” rating and issued a $3.00 price target on shares of Intchains Group in a report on Monday, August 24th. Finally, 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 note on Friday, August 21st. Two investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.50.

Intchains Group Stock Performance

ICG remained flat at $1.33 during trading on Thursday. 1,021,342 shares of the company’s stock traded hands, compared to its average volume of 197,420. Intchains Group has a 12 month low of $0.60 and a 12 month high of $2.28. The stock’s 50-day moving average is $0.96 and its 200 day moving average is $0.99. The stock has a market capitalization of $80.74 million, a price-to-earnings ratio of -11.08 and a beta of 1.11.

Intchains Group (NASDAQ:ICG) last issued 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 analyst estimates 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.