Ionic Digital Inc. (NASDAQ:IOND) Stock Short Interest Rises 180.4%

Ionic Digital Inc. (NASDAQ:IOND) was the target of a large increase in short interest during the month of 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 currently 1.5 days. Currently, 1.7% of the shares of the company are short sold.

Ionic Digital Stock Down 3.2%

Shares of Ionic Digital stock traded down $2.71 during trading hours on Friday, reaching $81.98. 537,845 shares of the stock traded hands, compared to its average volume of 770,037. Ionic Digital has a one year low of $50.00 and a one year high of $89.36. The business’s 50 day moving average is $72.91.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on IOND shares. Jefferies Financial Group initiated coverage on shares of Ionic Digital in a report on Monday, August 24th. They set a “buy” rating and a $85.00 price target on the stock. BTIG Research 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, Wall Street Zen lowered shares of Ionic Digital from a “hold” rating to a “sell” rating in a research note on Sunday. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $85.00.

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.