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

Ionic Digital (NASDAQ:IOND) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday, Wall Street Zen reports.

IOND has been the topic of a number of other reports. BTIG Research started coverage on Ionic Digital in a research note on Monday, August 24th. They issued a “buy” rating and a $85.00 target price on the stock. 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 for the company. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $85.00.

Ionic Digital Stock Down 0.2%

IOND opened at $81.82 on Friday. Ionic Digital has a one year low of $50.00 and a one year high of $89.36. The firm’s fifty day moving average price is $73.12.

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