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

Ionic Digital Inc. (NASDAQ:IOND) was the target of a significant growth in short interest in August. As of August 14th, there was short interest totaling 623,901 shares, a growth of 683.6% from the July 30th total of 79,623 shares. Currently, 1.4% of the company’s stock are sold short. Based on an average daily volume of 1,118,344 shares, the days-to-cover ratio is presently 0.6 days.

Ionic Digital Trading Up 0.7%

Shares of NASDAQ IOND opened at $70.00 on Wednesday. Ionic Digital has a 12 month low of $50.00 and a 12 month high of $71.90.

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

Analysts Set New Price Targets

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

Ionic Digital Company Profile

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.