Ionic Digital (NASDAQ:IOND) Posts Quarterly Earnings Results

Ionic Digital (NASDAQ:IOND) posted its earnings results on Wednesday. The company reported $0.38 earnings per share (EPS) for the quarter, Zacks reports.

Ionic Digital Price Performance

Shares of IOND traded down $7.59 during midday trading on Wednesday, reaching $60.37. 669,731 shares of the stock were exchanged, compared to its average volume of 682,507. Ionic Digital has a twelve month low of $50.00 and a twelve month high of $89.36. The firm has a 50-day simple moving average of $75.35. The stock has a market cap of $2.72 billion and a P/E ratio of -46.80.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. 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 objective on the stock. Weiss Ratings began coverage on Ionic Digital in a research report on Monday, October 26th. They issued a “sell (d)” rating for the company. BTIG Research started coverage on shares of Ionic Digital in a research report on Monday, August 24th. They set a “buy” rating and a $85.00 price objective for the company. Wall Street Zen lowered shares of Ionic Digital from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. Finally, Canaccord Genuity Group assumed coverage on shares of Ionic Digital in a report on Thursday, October 22nd. They set a “buy” rating and a $119.00 target price on the stock. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Ionic Digital has an average rating of “Moderate Buy” and a consensus price target of $96.33.

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.