Ionic Digital (NASDAQ:IOND) Announces Earnings Results

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

Ionic Digital Stock Down 11.2%

Shares of NASDAQ:IOND traded down $7.59 during trading on Wednesday, hitting $60.37. The company’s stock had a trading volume of 669,731 shares, compared to its average volume of 682,507. The stock has a market capitalization of $2.72 billion and a P/E ratio of -46.80. The firm’s 50-day simple moving average is $75.35. Ionic Digital has a fifty-two week low of $50.00 and a fifty-two week high of $89.36.

Wall Street Analyst Weigh In

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