Ionic Digital Inc. (NASDAQ:IOND) Short Interest Update

Ionic Digital Inc. (NASDAQ:IOND) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 279,684 shares, a decrease of 55.2% from the August 15th total of 623,901 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average trading volume of 582,787 shares, the short-interest ratio is currently 0.5 days.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Jefferies Financial Group began 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. Wall Street Zen downgraded Ionic Digital from a “hold” rating to a “sell” rating in a research report on Sunday, August 30th. Finally, BTIG Research began coverage on Ionic Digital in a research report on Monday, August 24th. They set 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, Ionic Digital has a consensus rating of “Buy” and a consensus price target of $85.00.

Ionic Digital Trading Up 2.2%

IOND traded up $1.79 during trading on Tuesday, hitting $81.65. 503,404 shares of the company’s stock were exchanged, compared to its average volume of 526,704. Ionic Digital has a 1 year low of $50.00 and a 1 year high of $85.00.

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

About Ionic Digital

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.