BTIG Research Initiates Coverage on Ionic Digital (NASDAQ:IOND)

Equities researchers at BTIG Research began coverage on shares of Ionic Digital (NASDAQ:IOND) in a research note issued on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $85.00 price target on the stock. BTIG Research’s price target suggests a potential upside of 23.67% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of Ionic Digital to a “hold” rating in a research report on Saturday. Jefferies Financial Group initiated coverage on shares of Ionic Digital in a report on Monday. They issued a “buy” rating and a $85.00 target price on the stock. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $85.00.

Ionic Digital Stock Performance

Shares of IOND stock opened at $68.73 on Monday. Ionic Digital has a fifty-two week low of $50.00 and a fifty-two week high of $71.90.

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

About Ionic Digital

Ionic Digital, Inc is a digital asset mining company focused primarily on the production of bitcoin. The company operates and develops specialized computing infrastructure, including application-specific integrated circuit (ASIC) mining equipment and related power, cooling, and data-center systems used to validate transactions on the Bitcoin network.

Ionic Digital was established using assets associated with Celsius Mining following the bankruptcy proceedings of Celsius Network. Its operations have been associated with mining facilities in the United States, including locations in Texas and New York.