Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Short Interest Update

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) was the target of a significant 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 daily volume of 170,369 shares, the short-interest ratio is presently 0.7 days. Currently, 0.2% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Separately, Benchmark reduced their target price on 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.00.

Hedge Funds Weigh In On Intchains Group

Several institutional investors have recently made changes to their positions in ICG. Goldman Sachs Group Inc. increased its stake in shares of Intchains Group by 509.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 100,759 shares of the company’s stock valued at $180,000 after buying an additional 84,228 shares during the period. SmartHarvest Portfolios LLC purchased a new position in shares of Intchains Group during the fourth quarter valued at $121,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Intchains Group during the first quarter valued at about $142,000. XTX Topco Ltd boosted its position in Intchains Group by 190.2% during 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, Independent Advisor Alliance bought a new stake in Intchains Group during the fourth quarter valued at about $37,000.

Intchains Group Trading Up 2.8%

Shares of Intchains Group stock traded up $0.02 during trading on Monday, hitting $0.74. 43,041 shares of the stock traded hands, compared to its average volume of 240,412. The firm has a market cap of $44.94 million, a P/E ratio of -6.17 and a beta of 1.08. Intchains Group has a 52-week low of $0.60 and a 52-week high of $3.25. The stock’s fifty day simple moving average is $1.14 and its 200 day simple moving average is $1.45.

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.