Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Stock Short Interest Jumps 94.8%

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totaling 129,091 shares, an increase of 94.8% from the September 30th total of 66,278 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily volume of 364,955 shares, the short-interest ratio is presently 0.4 days.

Intchains Group Trading Down 6.7%

ICG stock opened at $1.26 on Friday. Intchains Group has a twelve month low of $0.60 and a twelve month high of $2.28. The company’s 50 day moving average is $1.08 and its two-hundred day moving average is $1.16. The stock has a market cap of $76.49 million, a P/E ratio of -10.50 and a beta of 1.11.

Intchains Group (NASDAQ:ICG) last issued its 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 firm had revenue of $0.82 million for the quarter, compared to analyst estimates of $5.17 million.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ICG. Weiss Ratings restated a “sell (d)” rating on shares of Intchains Group in a report on Monday, October 12th. Maxim Group reaffirmed a “buy” rating and issued a $3.00 price target on shares of Intchains Group in a research report on Monday, August 24th. Finally, Benchmark lowered their price objective on Intchains Group from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, August 21st. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.50.

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.