Ionic Digital Inc. (NASDAQ:IOND) Shares Shorted: Short Interest Up 114.6% in September

Ionic Digital Inc. (NASDAQ:IOND) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totaling 1,682,848 shares, an increase of 114.6% from the September 15th total of 784,132 shares. Currently, 3.7% of the company’s stock are sold short. Based on an average daily trading volume, of 981,987 shares, the days-to-cover ratio is currently 1.7 days.

Analysts Set New Price Targets

A number of research analysts recently commented on IOND shares. Jefferies Financial Group assumed coverage on shares of Ionic Digital in a research report on Monday, August 24th. They set a “buy” rating and a $85.00 price objective on the stock. BTIG Research 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 objective on the stock. Finally, Wall Street Zen downgraded shares of Ionic Digital from a “hold” rating to a “sell” rating in a research report on Sunday, September 27th. Two analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Ionic Digital currently has an average rating of “Buy” and a consensus price target of $85.00.

Ionic Digital Stock Performance

Shares of IOND stock traded down $1.14 during mid-day trading on Tuesday, reaching $74.57. The company’s stock had a trading volume of 130,949 shares, compared to its average volume of 749,503. The firm’s 50-day moving average is $74.92. The company has a market capitalization of $3.36 billion and a P/E ratio of -79.69. Ionic Digital has a 1-year low of $50.00 and a 1-year high of $89.36.

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

About Ionic Digital

Ionic Digital, Inc is a digital asset mining company focused primarily on bitcoin mining. The company operates and develops specialized data center infrastructure and computing capacity designed to support proof-of-work blockchain networks, with bitcoin as its principal mined asset.

Ionic Digital was established in connection with the restructuring of Celsius Network and the distribution of certain mining assets to Celsius creditors. Its operations have been associated with mining facilities in the United States, including sites in Texas and New York.