Short Interest in Ionic Digital Inc. (NASDAQ:IOND) Increases By 683.6%

Ionic Digital Inc. (NASDAQ:IOND) was the recipient of a significant increase in short interest during the month of August. As of August 14th, there was short interest totaling 623,901 shares, an increase of 683.6% from the July 30th total of 79,623 shares. Based on an average trading volume of 1,118,344 shares, the short-interest ratio is currently 0.6 days. Currently, 1.4% of the shares of the stock are short sold.

Ionic Digital Trading Up 0.7%

NASDAQ:IOND opened at $70.00 on Wednesday. Ionic Digital has a 1-year low of $50.00 and a 1-year high of $71.90.

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 for the quarter.

Analyst Ratings Changes

IOND has been the topic of a number of research analyst reports. BTIG Research started coverage on shares of Ionic Digital in a research note on Monday. They issued a “buy” rating and a $85.00 price target on the stock. Wall Street Zen raised shares of Ionic Digital to a “hold” rating in a research note on Saturday. Finally, Jefferies Financial Group started coverage on Ionic Digital in a research note on Monday. They issued a “buy” rating and a $85.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $85.00.

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.