Ionic Digital Inc. (NASDAQ:IOND) Short Interest Up 683.6% in August

Ionic Digital Inc. (NASDAQ:IOND) was the target of a significant increase in short interest in 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. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 1,118,344 shares, the short-interest ratio is currently 0.6 days.

Ionic Digital Price Performance

Shares of IOND traded up $0.35 during mid-day trading on Thursday, reaching $70.98. The company had a trading volume of 163,407 shares, compared to its average volume of 940,597. Ionic Digital has a twelve month low of $50.00 and a twelve month high of $71.90.

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wall Street Zen raised Ionic Digital to a “hold” rating in a research report on Saturday, August 22nd. Jefferies Financial Group began coverage on shares of Ionic Digital in a research note on Monday. They issued a “buy” rating and a $85.00 price objective for the company. Finally, BTIG Research began coverage on shares of Ionic Digital in a report on Monday. They set a “buy” rating and a $85.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $85.00.

About Ionic Digital

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.