Ionic Digital (NASDAQ:IOND) Now Covered by Analysts at Canaccord Genuity Group

Equities researchers at Canaccord Genuity Group began coverage on shares of Ionic Digital (NASDAQ:IOND) in a report released on Thursday, Briefing.com reports. The firm set a “buy” rating and a $119.00 price target on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 78.36% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Ionic Digital from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Jefferies Financial Group initiated coverage on shares of Ionic Digital in a report on Monday, August 24th. They issued a “buy” rating and a $85.00 target price on the stock. Finally, BTIG Research began coverage on shares of Ionic Digital in a research report on Monday, August 24th. They issued a “buy” rating and a $85.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Ionic Digital presently has a consensus rating of “Buy” and an average target price of $96.33.

Ionic Digital Stock Performance

Shares of NASDAQ:IOND opened at $66.72 on Thursday. Ionic Digital has a 52-week low of $50.00 and a 52-week high of $89.36. The business has a 50 day moving average price of $75.74.

Ionic Digital (NASDAQ:IOND) last posted its quarterly 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 for the quarter.

Ionic Digital Company Profile

Ionic Digital, Inc is a digital-asset mining company focused primarily on the production of bitcoin. Its operations center on deploying and managing specialized computing equipment, commonly known as application-specific integrated circuits, to validate transactions and earn bitcoin rewards through the Bitcoin network.

The company was established in connection with the restructuring of Celsius Network and the transfer of Celsius-related mining assets to a new, creditor-owned business. Ionic Digital’s mining activities have been associated with facilities in the United States, including operations in Texas and New York.