Ionic Digital (NASDAQ:IOND) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Ionic Digital (NASDAQ:IOND) from a hold rating to a sell rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

IOND has been the topic of several other reports. 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. Jefferies Financial Group initiated coverage on shares of Ionic Digital in a report on Monday, August 24th. They issued a “buy” rating and a $85.00 target price for the company. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Ionic Digital presently has an average rating of “Buy” and an average price target of $85.00.

Ionic Digital Price Performance

Shares of NASDAQ IOND opened at $81.40 on Friday. Ionic Digital has a twelve month low of $50.00 and a twelve month high of $89.36. The company has a 50 day moving average price of $73.31.

Ionic Digital (NASDAQ:IOND) last announced 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 for the quarter.

About Ionic Digital

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.