Short Interest in Ionic Digital Inc. (NASDAQ:IOND) Declines By 55.2%

Ionic Digital Inc. (NASDAQ:IOND) saw 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. Based on an average daily trading volume, of 582,787 shares, the short-interest ratio is currently 0.5 days. Currently, 0.6% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wall Street Zen downgraded Ionic Digital from a “hold” rating to a “sell” rating in a research report on Sunday, August 30th. BTIG Research started coverage on Ionic Digital in a research note on Monday, August 24th. They issued a “buy” rating and a $85.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on Ionic Digital in a research report on Monday, August 24th. They set a “buy” rating and a $85.00 price target on the stock. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $85.00.

Ionic Digital Trading Down 1.1%

IOND stock traded down $0.93 during trading hours on Monday, reaching $82.46. The stock had a trading volume of 196,845 shares, compared to its average volume of 795,890. Ionic Digital has a fifty-two week low of $50.00 and a fifty-two week high of $85.00.

Ionic Digital (NASDAQ:IOND) last released its quarterly earnings data on Wednesday, August 19th. The company reported ($0.94) earnings per share for the quarter. The firm 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.