Wall Street Zen Downgrades Ionic Digital (NASDAQ:IOND) to Sell

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

A number of other equities analysts also recently issued reports on IOND. Jefferies Financial Group assumed coverage on Ionic Digital in a research note on Monday, August 24th. They set a “buy” rating and a $85.00 price target for the company. BTIG Research began coverage on Ionic Digital in a research note on Monday, August 24th. They issued a “buy” rating and a $85.00 price objective for the company. Two research 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 a consensus target price of $85.00.

Ionic Digital Price Performance

Ionic Digital stock opened at $71.82 on Friday. Ionic Digital has a 1-year low of $50.00 and a 1-year high of $74.30.

Ionic Digital (NASDAQ:IOND) last posted its 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, Inc is a digital asset mining company focused primarily on the production of bitcoin. The company operates and develops specialized computing infrastructure, including application-specific integrated circuit (ASIC) mining equipment and related power, cooling, and data-center systems used to validate transactions on the Bitcoin network.

Ionic Digital was established using assets associated with Celsius Mining following the bankruptcy proceedings of Celsius Network. Its operations have been associated with mining facilities in the United States, including locations in Texas and New York.