Benchmark Lowers Intchains Group (NASDAQ:ICG) Price Target to $2.00

Intchains Group (NASDAQ:ICG) had its target price lowered by stock analysts at Benchmark from $3.00 to $2.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 136.69% from the stock’s previous close.

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Intchains Group in a research report on Tuesday, July 14th. One 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.00.

Intchains Group Stock Performance

Shares of ICG opened at $0.84 on Friday. Intchains Group has a one year low of $0.60 and a one year high of $2.28. The stock’s fifty day moving average is $0.82 and its 200-day moving average is $1.10. The firm has a market capitalization of $51.30 million, a price-to-earnings ratio of -7.04 and a beta of 1.05.

Intchains Group (NASDAQ:ICG) last released its quarterly 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). Intchains Group had a negative return on equity of 5.29% and a negative net margin of 24.68%.The company had revenue of $0.82 million for the quarter, compared to the consensus estimate of $5.17 million.

Institutional Investors Weigh In On Intchains Group

Large investors have recently made changes to their positions in the company. Independent Advisor Alliance purchased a new position in Intchains Group during the 4th quarter worth approximately $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Intchains Group during the 1st quarter valued at $142,000. SmartHarvest Portfolios LLC acquired a new stake in Intchains Group during the 4th quarter valued at $121,000. XTX Topco Ltd lifted its holdings in shares of Intchains Group by 190.2% in the fourth quarter. XTX Topco Ltd now owns 75,354 shares of the company’s stock valued at $135,000 after purchasing an additional 49,389 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Intchains Group by 509.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 100,759 shares of the company’s stock valued at $180,000 after purchasing an additional 84,228 shares in the last quarter.

About Intchains Group

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.