Ionic Digital Inc. (NASDAQ:IOND) Short Interest Update

Ionic Digital Inc. (NASDAQ:IOND) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 279,684 shares, a decrease of 55.2% from the August 15th total of 623,901 shares. Approximately 0.6% of the company’s shares are short sold. Based on an average daily volume of 582,787 shares, the short-interest ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IOND. Jefferies Financial Group started coverage on Ionic Digital in a research report on Monday, August 24th. They issued a “buy” rating and a $85.00 target price for the company. Wall Street Zen lowered shares of Ionic Digital from a “hold” rating to a “sell” rating in a research note on Sunday, August 30th. Finally, BTIG Research began coverage on shares of Ionic Digital in a research report on Monday, August 24th. They set a “buy” rating and a $85.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $85.00.

Ionic Digital Stock Performance

Shares of NASDAQ IOND traded up $2.40 during mid-day trading on Wednesday, hitting $84.05. 256,101 shares of the company’s stock traded hands, compared to its average volume of 781,145. Ionic Digital has a 1 year low of $50.00 and a 1 year high of $85.00.

Ionic Digital (NASDAQ:IOND) last posted its quarterly earnings data on Wednesday, August 19th. The company reported ($0.94) EPS for the quarter. The business had revenue of $48.65 million for the quarter.

Ionic Digital Company Profile

Ionic Digital is a digital-asset company focused on bitcoin mining and related infrastructure. Its business centers on operating and developing mining facilities, deploying specialized computing equipment, and using those resources to validate transactions on the Bitcoin network and earn bitcoin rewards.

The company was established in connection with the restructuring of Celsius Network and was intended to hold and operate bitcoin-mining assets for the benefit of Celsius creditors. Its operations are associated primarily with North American mining infrastructure, although publicly available information about its full geographic footprint and current operating structure is limited.

Ionic Digital has been led by executives with experience in cryptocurrency mining and digital-asset operations, including Matt Prusak, who was appointed chief executive officer during the company’s formation.