Ionic Digital Inc. (NASDAQ:IOND) Stock Short Interest Rises 180.4%

Key Points

• Short interest surged 180.4% to 784,132 shares as of September 15, representing about 1.7% of Ionic Digital’s outstanding shares and 1.5 days to cover.
• Ionic Digital shares fell 3.2% to $81.98 in mid-day trading, while the company reported a quarterly loss of $0.94 per share on $48.65 million in revenue.
• Analysts remain positive: Jefferies and BTIG initiated Buy ratings with $85 price targets, contributing to a consensus Buy rating and $85 target.

Ionic Digital Inc. (NASDAQ:IOND - Get Free Report) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 784,132 shares, an increase of 180.4% from the August 31st total of 279,684 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average daily trading volume, of 509,220 shares, the days-to-cover ratio is currently 1.5 days.

Ionic Digital Trading Down 3.2%

Ionic Digital stock traded down $2.71 during mid-day trading on Friday, reaching $81.98. The company's stock had a trading volume of 537,845 shares, compared to its average volume of 770,037. The stock has a fifty day moving average of $72.91. Ionic Digital has a 12-month low of $50.00 and a 12-month high of $89.36.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IOND. Jefferies Financial Group began coverage on Ionic Digital in a research note on Monday, August 24th. They set a "buy" rating and a $85.00 price target for the company. BTIG Research began coverage on Ionic Digital in a research note on Monday, August 24th. They issued a "buy" rating and a $85.00 price objective on the stock. Finally, Wall Street Zen raised shares of Ionic Digital from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $85.00.

Ionic Digital Company Profile

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.

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