Soluna (NASDAQ:SLNH) Given New $2.00 Price Target at Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its price target cut by stock analysts at Rosenblatt Securities to $2.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities‘s target price suggests a potential upside of 253.36% from the stock’s previous close.

A number of other equities research analysts have also commented on SLNH. Zacks Research upgraded Soluna to a “hold” rating in a research report on Tuesday, July 21st. Wall Street Zen cut shares of Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Soluna in a report on Monday, August 17th. Two 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, the stock presently has an average rating of “Hold” and an average price target of $3.00.

Soluna Price Performance

SLNH stock traded up $0.03 on Thursday, hitting $0.57. 5,927,169 shares of the company’s stock traded hands, compared to its average volume of 12,064,511. The stock has a market cap of $139.63 million, a price-to-earnings ratio of -0.51 and a beta of 5.09. Soluna has a 1-year low of $0.52 and a 1-year high of $4.04. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.02. The stock has a fifty day moving average of $1.07 and a 200-day moving average of $1.28.

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

Insider Transactions at Soluna

In other Soluna news, CAO Jessica Thomas sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $1.26, for a total value of $37,800.00. Following the completion of the transaction, the chief accounting officer owned 1,481,417 shares of the company’s stock, valued at $1,866,585.42. This represents a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders bought 50,000 shares of company stock worth $57,000 in the last 90 days. Insiders own 15.50% of the company’s stock.

Institutional Trading of Soluna

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in Soluna by 226.4% in the first 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 during the period. Yorkville Advisors Global LP bought a new position in shares of Soluna in the first quarter valued at about $237,000. Bank of New York Mellon Corp acquired a new position in shares of Soluna during the second quarter worth approximately $353,000. RFG Advisory LLC acquired a new position in Soluna during the 2nd quarter worth $135,000. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of Soluna by 55.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock valued at $76,000 after acquiring an additional 38,100 shares during the period. 23.19% of the stock is currently owned by institutional investors.

Soluna Company Profile

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.