Ionic Digital Inc. (NASDAQ:IOND) Shares Shorted: Short Interest Up 114.6% in September

Ionic Digital Inc. (NASDAQ:IOND) saw a large increase in short interest during 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. Currently, 3.7% of the company’s shares are short sold. Based on an average trading volume of 981,987 shares, the days-to-cover ratio is currently 1.7 days.

Ionic Digital Trading Down 1.5%

IOND traded down $1.14 during trading hours on Tuesday, reaching $74.57. The company’s stock had a trading volume of 130,949 shares, compared to its average volume of 749,503. Ionic Digital has a 52 week low of $50.00 and a 52 week high of $89.36. The company’s 50-day simple moving average is $74.92. The firm has a market cap of $3.36 billion and a price-to-earnings ratio of -79.69.

Ionic Digital (NASDAQ:IOND) last released 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Jefferies Financial Group started coverage on Ionic Digital in a research report on Monday, August 24th. They set a “buy” rating and a $85.00 price target on the stock. Wall Street Zen lowered Ionic Digital from a “hold” rating to a “sell” rating in a research report on Sunday, September 27th. Finally, BTIG Research started coverage on shares of Ionic Digital in a report on Monday, August 24th. They set a “buy” rating and a $85.00 target price for the company. Two analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $85.00.

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.