Ionic Digital Inc. (NASDAQ:IOND) Stock Short Interest Climbs 114.6%

Ionic Digital Inc. (NASDAQ:IOND) was the recipient of a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 1,682,848 shares, an increase of 114.6% from the September 15th total of 784,132 shares. Approximately 3.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 981,987 shares, the short-interest ratio is currently 1.7 days.

Analyst Upgrades and Downgrades

IOND has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Ionic Digital from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. BTIG Research started coverage on shares of Ionic Digital in a report on Monday, August 24th. They issued a “buy” rating and a $85.00 price objective for the company. Finally, Jefferies Financial Group assumed coverage on shares of Ionic Digital in a research note on Monday, August 24th. They set a “buy” rating and a $85.00 price objective on the stock. Two investment 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 a consensus price target of $85.00.

Ionic Digital Price Performance

Shares of IOND traded down $8.26 during mid-day trading on Wednesday, hitting $67.33. The company’s stock had a trading volume of 475,117 shares, compared to its average volume of 750,164. The company has a 50-day moving average of $75.36. The company has a market cap of $3.03 billion and a PE ratio of -71.63. Ionic Digital has a fifty-two week low of $50.00 and a fifty-two week high of $89.36.

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

Ionic Digital Company Profile

Ionic Digital, Inc is a digital asset mining company focused primarily on bitcoin mining. The company operates and develops specialized data center infrastructure and computing capacity designed to support proof-of-work blockchain networks, with bitcoin as its principal mined asset.

Ionic Digital was established in connection with the restructuring of Celsius Network and the distribution of certain mining assets to Celsius creditors. Its operations have been associated with mining facilities in the United States, including sites in Texas and New York.