Short Interest in Ionic Digital Inc. (NASDAQ:IOND) Declines By 55.2%

Ionic Digital Inc. (NASDAQ:IOND – Get Free Report) saw a large drop in short interest during the month of August. As of August 31st, there was short interest totaling 279,684 shares, a drop of 55.2% from the August 15th total of 623,901 shares. Approximately 0.6% of the shares of the company are sold short. Based on an average daily trading volume, of 582,787 shares, the days-to-cover ratio is presently 0.5 days.

Ionic Digital Stock Down 1.1%

NASDAQ IOND traded down $0.93 during midday trading on Monday, hitting $82.46. The company had a trading volume of 196,845 shares, compared to its average volume of 795,890. Ionic Digital has a twelve month low of $50.00 and a twelve month high of $85.00.

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

Analyst Ratings Changes

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

Check Out Our Latest Research Report on Ionic Digital

Ionic Digital Company Profile

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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.

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