Yes it is but not all are profitable and most of are scam so be careful, there are some ICO that can make you gain profit for x3 - x5 within an hour specially when there is a hype on it, just make sure that you are into good ICO, there are so many scam ICO, even those hype, and do not also rely on the number of members in the community as they can also be a bot.
Actually, I like to know from you if there are specific ICOs that are profitable to invest now, I believe ICO is a waste of money as this platform are just abused by scammers, and since we have a choice to invest on other platforms like IEO, then why would we still stick to a proven scam?