Intchains Group (NASDAQ:ICG) Shares Down 5.4% – Here’s Why

Shares of Intchains Group Limited Unsponsored ADR (NASDAQ:ICG) fell 5.4% during trading on Monday . The stock traded as low as $1.59 and last traded at $1.59. 6,973 shares were traded during mid-day trading, a decline of 92% from the average session volume of 84,649 shares. The stock had previously closed at $1.68.

Analysts Set New Price Targets

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

Intchains Group Trading Down 5.4%

The firm has a market cap of $96.53 million, a PE ratio of 7.57 and a beta of 1.37. The firm has a 50 day moving average price of $1.86 and a 200-day moving average price of $1.82.

Institutional Investors Weigh In On Intchains Group

A number of large investors have recently modified their holdings of the company. Independent Advisor Alliance purchased a new stake in shares of Intchains Group during the 4th quarter worth $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Intchains Group in the first quarter valued at $142,000. Finally, Marex Group plc acquired a new stake in Intchains Group in the second quarter valued at $105,000.

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.