Soluna Holdings, Inc. (NASDAQ:SLNH) Sees Large Drop in Short Interest

Soluna Holdings, Inc. (NASDAQ:SLNH) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 171,400 shares, a decline of 25.1% from the October 31st total of 228,900 shares. Currently, 2.7% of the shares of the stock are sold short. Based on an average daily volume of 190,100 shares, the days-to-cover ratio is currently 0.9 days.

Soluna Trading Up 9.9 %

Shares of NASDAQ:SLNH traded up $0.32 on Friday, reaching $3.55. 127,463 shares of the company traded hands, compared to its average volume of 236,479. The stock has a market capitalization of $29.71 million, a P/E ratio of -0.24 and a beta of 2.93. Soluna has a 52 week low of $1.40 and a 52 week high of $8.80. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The business’s 50-day simple moving average is $3.54 and its 200 day simple moving average is $4.03.

Insider Buying and Selling at Soluna

In other news, Director Michael Toporek sold 11,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $3.23, for a total transaction of $35,530.00. Following the sale, the director now owns 79,100 shares in the company, valued at approximately $255,493. This trade represents a 12.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jessica L. Thomas sold 3,300 shares of Soluna stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $11.98, for a total transaction of $39,534.00. Following the sale, the chief accounting officer now directly owns 6,700 shares of the company’s stock, valued at $80,266. This represents a 33.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,461 shares of company stock worth $323,946 over the last three months. 27.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Soluna

A number of hedge funds have recently modified their holdings of the company. State Street Corp purchased a new stake in Soluna in the 3rd quarter worth approximately $36,000. Virtu Financial LLC bought a new position in shares of Soluna during the third quarter valued at approximately $36,000. Finally, Coastal Bridge Advisors LLC purchased a new stake in Soluna in the second quarter worth $61,000. Hedge funds and other institutional investors own 23.19% of the company’s stock.

Soluna Company Profile

Soluna Holdings, Inc together with its subsidiaries, engages in the mining of cryptocurrency through data centers. It operates through two segments, Cryptocurrency Mining and Data Center Hosting. The company also operates in the blockchain business. In addition, the company develops and builds modular data centers that use for cryptocurrency mining.