Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Short Interest Up 69.4% in May

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) was the target of a large increase in short interest in the month of May. As of May 29th, there was short interest totaling 121,794 shares, an increase of 69.4% from the May 14th total of 71,889 shares. Based on an average trading volume of 170,369 shares, the short-interest ratio is presently 0.7 days. Approximately 0.2% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Separately, Benchmark cut their target price on shares of Intchains Group from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $3.00.

Institutional Investors Weigh In On Intchains Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ICG. Goldman Sachs Group Inc. increased its stake in Intchains Group by 509.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 100,759 shares of the company’s stock worth $180,000 after buying an additional 84,228 shares during the period. SmartHarvest Portfolios LLC purchased a new stake in Intchains Group during the 4th quarter worth $121,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Intchains Group during the 1st quarter worth $142,000. XTX Topco Ltd increased its stake in Intchains Group by 190.2% during the 4th quarter. XTX Topco Ltd now owns 75,354 shares of the company’s stock worth $135,000 after buying an additional 49,389 shares during the period. Finally, Independent Advisor Alliance purchased a new stake in Intchains Group during the 4th quarter worth $37,000.

Intchains Group Stock Up 4.1%

Shares of ICG stock traded up $0.03 during mid-day trading on Wednesday, reaching $0.76. The company’s stock had a trading volume of 27,852 shares, compared to its average volume of 236,974. The company’s 50 day simple moving average is $1.12 and its 200-day simple moving average is $1.44. Intchains Group has a 12-month low of $0.60 and a 12-month high of $3.25. The firm has a market capitalization of $46.14 million, a PE ratio of -6.33 and a beta of 1.08.

Intchains Group Company Profile

Intchains Group Ltd (NASDAQ: ICG) is a technology company specializing in blockchain-based big data solutions. The company offers a suite of products and services aimed at enhancing data security, traceability and certification across diverse industries. Its core offerings include blockchain-powered data rights management, digital certificate issuance, supply-chain traceability platforms and analytics tools that leverage immutable ledgers to ensure data integrity.

Established in 2016 and headquartered in Beijing, Intchains Group serves a range of clients including government agencies, logistics providers, manufacturers and financial institutions.