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

Soluna (NASDAQ:SLNH) had its target price cut by analysts at Rosenblatt Securities from $4.00 to $2.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price would indicate a potential upside of 256.70% from the stock’s previous close.

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

Soluna Trading Down 2.8%

Shares of NASDAQ SLNH opened at $0.56 on Thursday. Soluna has a 12-month low of $0.55 and a 12-month high of $4.04. The company has a market cap of $138.33 million, a price-to-earnings ratio of -0.50 and a beta of 5.09. 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’s 50 day simple moving average is $1.09 and its 200 day simple moving average is $1.28.

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

Insider Buying and Selling at Soluna

In related news, CAO Jessica Thomas sold 30,000 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $1.26, for a total value of $37,800.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have bought 50,000 shares of company stock worth $57,000 in the last quarter. 15.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Soluna

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

Soluna Company Profile

Soluna Holdings, Inc, doing business as Soluna, develops and operates data centers powered by renewable energy. The company partners with renewable-energy producers to use excess or curtailed electricity that might otherwise go unused, converting it into computing capacity while providing an additional revenue source for power projects.

Soluna’s facilities support high-performance computing applications, including cryptocurrency mining and artificial intelligence workloads. Through its Soluna Compute business, the company develops modular data-center campuses and provides infrastructure, hosting and computing services for customers that require energy-intensive digital processing.

The company’s operating and development portfolio has primarily focused on projects in the United States, including renewable-powered data-center sites in Texas.