Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) Sees Significant Growth in Short Interest

Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 188,619 shares, a growth of 27.7% from the December 15th total of 147,695 shares. Based on an average trading volume of 102,221 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.3% of the company’s stock are sold short. Currently, 0.3% of the company’s stock are sold short. Based on an average trading volume of 102,221 shares, the days-to-cover ratio is currently 1.8 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Intchains Group stock. Marex Group plc purchased a new position in shares of Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 58,324 shares of the company’s stock, valued at approximately $105,000. Marex Group plc owned approximately 0.10% of Intchains Group at the end of the most recent reporting period.

Intchains Group Trading Up 3.2%

Shares of ICG stock opened at $2.10 on Tuesday. The stock has a 50 day simple moving average of $1.70 and a 200-day simple moving average of $1.90. The company has a market cap of $127.19 million, a price-to-earnings ratio of 9.91 and a beta of 1.39. Intchains Group has a 12-month low of $0.93 and a 12-month high of $4.36.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Intchains Group from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Benchmark reissued a “buy” rating on shares of Intchains Group in a report on Monday, December 8th. Weiss Ratings restated a “sell (d)” rating on shares of Intchains Group in a research note on Wednesday, October 8th. Finally, UBS Group reiterated a “neutral” rating on shares of Intchains Group in a research note on Monday, December 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.50.

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.