Ionic Digital (NASDAQ:IOND) Announces Quarterly Earnings Results

Ionic Digital (NASDAQ:IOND) posted its quarterly earnings results on Wednesday. The company reported $0.38 earnings per share (EPS) for the quarter, Zacks reports.

Ionic Digital Price Performance

Shares of IOND stock traded down $7.59 during trading on Wednesday, reaching $60.37. 669,731 shares of the company’s stock were exchanged, compared to its average volume of 682,507. The stock has a market capitalization of $2.72 billion and a PE ratio of -46.80. Ionic Digital has a twelve month low of $50.00 and a twelve month high of $89.36. The business has a fifty day moving average price of $75.35.

Analysts Set New Price Targets

IOND has been the topic of several recent analyst reports. BTIG Research started coverage on shares of Ionic Digital in a research note on Monday, August 24th. They set a “buy” rating and a $85.00 price objective on the stock. Weiss Ratings initiated coverage on Ionic Digital in a report on Monday, October 26th. They set a “sell (d)” rating for the company. Canaccord Genuity Group started coverage on shares of Ionic Digital in a research note on Thursday, October 22nd. They issued a “buy” rating and a $119.00 price target on the stock. Wall Street Zen downgraded Ionic Digital from a “hold” rating to a “sell” rating in a report on Sunday, September 27th. Finally, Jefferies Financial Group initiated coverage on shares of Ionic Digital in a research note on Monday, August 24th. They issued a “buy” rating and a $85.00 price target for the company. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $96.33.

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.