Canaccord Genuity Group Initiates Coverage on Ionic Digital (NASDAQ:IOND)

Investment analysts at Canaccord Genuity Group began coverage on shares of Ionic Digital (NASDAQ:IOND) in a research note issued on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $119.00 price target on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 78.36% from the stock’s previous close.

IOND has been the topic of a number of other reports. Wall Street Zen cut Ionic Digital from a “hold” rating to a “sell” rating in a research note on Sunday, September 27th. Jefferies Financial Group 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 target for the company. Finally, BTIG Research began coverage on shares of Ionic Digital in a report on Monday, August 24th. They set a “buy” rating and a $85.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $96.33.

Ionic Digital Price Performance

Shares of IOND opened at $66.72 on Thursday. The firm’s 50 day simple moving average is $75.74. Ionic Digital has a 12 month low of $50.00 and a 12 month high of $89.36.

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

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.