Soluna (NASDAQ:SLNH) Price Target Cut to $2.00 by Analysts at Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its price objective reduced by equities research analysts at Rosenblatt Securities to $2.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities‘s target price indicates a potential upside of 263.57% from the company’s previous close.

Several other equities research analysts have also weighed in on the stock. Wall Street Zen lowered shares of Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Zacks Research raised shares of Soluna to a “hold” rating in a report on Tuesday, July 21st. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Soluna in a research report on Monday, August 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Soluna currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Soluna Price Performance

Shares of Soluna stock traded up $0.02 during midday trading on Thursday, hitting $0.55. 7,484,580 shares of the company were exchanged, compared to its average volume of 12,075,572. The firm has a 50 day simple moving average of $1.07 and a 200-day simple moving average of $1.28. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.06 and a quick ratio of 2.06. The firm has a market cap of $135.71 million, a P/E ratio of -0.49 and a beta of 5.09. Soluna has a 52 week low of $0.52 and a 52 week high of $4.04.

Soluna (NASDAQ:SLNH) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.07). The company had revenue of $15.06 million for the quarter, compared to analyst estimates of $15.70 million. Soluna had a negative return on equity of 52.19% and a negative net margin of 182.16%. Research analysts forecast that Soluna will post -0.41 earnings per share for the current year.

Insider Activity at Soluna

In other news, CAO Jessica Thomas sold 30,000 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $1.26, for a total transaction of $37,800.00. Following the sale, the chief accounting officer owned 1,481,417 shares in the company, valued at approximately $1,866,585.42. This represents a 1.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders acquired a total of 50,000 shares of company stock worth $57,000 in the last quarter. 15.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Soluna

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its position in Soluna by 226.4% in the 1st quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock valued at $590,000 after acquiring an additional 579,335 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Soluna during the second quarter worth approximately $353,000. Yorkville Advisors Global LP acquired a new position in shares of Soluna during the first quarter worth approximately $237,000. RFG Advisory LLC bought a new stake in shares of Soluna during the second quarter valued at approximately $135,000. Finally, SBI Securities Co. Ltd. grew its stake in shares of Soluna by 33.5% during the third quarter. SBI Securities Co. Ltd. now owns 88,067 shares of the company’s stock valued at $100,000 after purchasing an additional 22,107 shares during the last quarter. Institutional investors own 23.19% of the company’s stock.

About Soluna

Soluna Holdings, Inc (NASDAQ:SLNH) develops and operates data centers powered by renewable energy. The company focuses on energy-intensive computing applications, including cryptocurrency mining and high-performance computing, by locating facilities near renewable power sources and using excess or otherwise curtailed electricity.

Through its Soluna Computing subsidiary, the company builds modular data centers designed to support digital-asset mining and emerging applications such as artificial intelligence and other high-performance computing workloads.