Short Interest in Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Drops By 61.1%

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) was the target of a large drop in short interest in May. As of May 15th, there was short interest totaling 71,889 shares, a drop of 61.1% from the April 30th total of 184,625 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 47,526 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Investors Weigh In On Intchains Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in Intchains Group by 509.5% during the 4th 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. SmartHarvest Portfolios LLC bought a new position in shares of Intchains Group in the 4th quarter worth $121,000. XTX Topco Ltd raised its position in shares of Intchains Group by 190.2% in the 4th quarter. XTX Topco Ltd now owns 75,354 shares of the company’s stock worth $135,000 after acquiring an additional 49,389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Intchains Group in the 1st quarter worth $142,000. Finally, Independent Advisor Alliance bought a new position in shares of Intchains Group in the 4th quarter worth $37,000.

Intchains Group Price Performance

Shares of Intchains Group stock traded down $0.15 on Friday, reaching $0.83. The company had a trading volume of 235,040 shares, compared to its average volume of 102,791. The firm has a market cap of $50.39 million, a price-to-earnings ratio of -6.92 and a beta of 1.09. The firm’s 50-day moving average price is $1.22 and its two-hundred day moving average price is $1.49. Intchains Group has a 1 year low of $0.60 and a 1 year high of $3.25.

Intchains Group (NASDAQ:ICG) last announced its earnings results on Friday, February 27th. The company reported ($0.15) EPS for the quarter. Intchains Group had a negative return on equity of 5.29% and a negative net margin of 24.68%.The company had revenue of $5.16 million during the quarter, compared to analysts’ expectations of $42.70 million.

Wall Street Analyst Weigh In

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

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.