Ionic Digital Inc. (NASDAQ:IOND) Sees Significant Growth in Short Interest

Ionic Digital Inc. (NASDAQ:IOND) saw a large increase in short interest in September. As of September 15th, there was short interest totaling 784,132 shares, an increase of 180.4% from the August 31st total of 279,684 shares. Based on an average daily trading volume, of 509,220 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.7% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IOND. BTIG Research started coverage on shares of Ionic Digital in a research note on Monday, August 24th. They issued a “buy” rating and a $85.00 price target on the stock. Wall Street Zen cut Ionic Digital from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Jefferies Financial Group assumed coverage on Ionic Digital in a research report on Monday, August 24th. 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.com, the stock presently has an average rating of “Buy” and an average price target of $85.00.

Ionic Digital Stock Down 0.2%

NASDAQ IOND traded down $0.20 during trading on Monday, reaching $81.78. The company’s stock had a trading volume of 192,727 shares, compared to its average volume of 862,452. Ionic Digital has a 1-year low of $50.00 and a 1-year high of $89.36. The stock has a 50-day simple moving average of $72.91.

Ionic Digital (NASDAQ:IOND) last announced its quarterly earnings results on Wednesday, August 19th. The company reported ($0.94) EPS for the quarter. The firm 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.