Soluna (NASDAQ:SLNH) Stock Gets Price Target Trim from Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its target price decreased by research analysts at Rosenblatt Securities to $2.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities‘s price target suggests a potential upside of 263.57% from the company’s previous close.

A number of other research firms have also recently weighed in on SLNH. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soluna in a report on Wednesday, September 9th. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Soluna in a report on Monday, August 17th. Zacks Research upgraded Soluna to a “hold” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen cut Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $3.00.

Soluna Trading Up 3.0%

Shares of NASDAQ SLNH traded up $0.02 during mid-day trading on Thursday, reaching $0.55. 7,484,580 shares of the company’s stock were exchanged, compared to its average volume of 12,075,572. The firm has a market capitalization of $135.71 million, a price-to-earnings ratio of -0.49 and a beta of 5.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.06 and a current ratio of 2.06. Soluna has a 52-week low of $0.52 and a 52-week high of $4.04. The company’s 50-day moving average is $1.07 and its 200-day moving average is $1.28.

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

Insider Activity at Soluna

In other news, CAO Jessica Thomas sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief accounting officer owned 1,481,417 shares of the company’s stock, valued at approximately $1,866,585.42. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have purchased a total of 50,000 shares of company stock valued at $57,000 over the last ninety days. Company insiders own 15.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. boosted its stake in shares of Soluna by 33.5% in 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 period. RFG Advisory LLC purchased a new position in shares of Soluna in the 2nd quarter valued at about $135,000. Azora Capital LP purchased a new position in shares of Soluna in the 2nd quarter valued at about $32,000. Avaii Wealth Management LLC purchased a new position in shares of Soluna in the 2nd quarter valued at about $25,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Soluna in the 2nd quarter valued at about $353,000. Hedge funds and other 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.