Ionic Digital (NASDAQ:IOND) Stock Rating Upgraded by Wall Street Zen

Ionic Digital (NASDAQ:IOND) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms have also weighed in on IOND. Jefferies Financial Group began coverage on Ionic Digital in a report on Monday, August 24th. They set a “buy” rating and a $85.00 target price on the stock. BTIG Research began 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. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $85.00.

Ionic Digital Stock Performance

Ionic Digital stock opened at $84.74 on Friday. Ionic Digital has a fifty-two week low of $50.00 and a fifty-two week high of $85.90.

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

Ionic Digital Company Profile

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.