Soluna (NASDAQ:SLNH) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Soluna (NASDAQ:SLNH) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also issued reports on SLNH. Rosenblatt Securities started coverage on shares of Soluna in a report on Thursday, September 17th. They set a “buy” rating and a $4.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $4.00 price target on shares of Soluna in a research note on Monday, August 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. Finally, Zacks Research raised Soluna to a “hold” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Soluna Stock Performance

Shares of SLNH stock opened at $1.28 on Friday. The company’s fifty day moving average price is $1.20 and its 200-day moving average price is $1.25. The stock has a market cap of $315.78 million, a PE ratio of -1.14 and a beta of 5.07. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.02. Soluna has a 12 month low of $0.59 and a 12 month high of $5.14.

Soluna (NASDAQ:SLNH) last issued its quarterly earnings results 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). Soluna had a negative return on equity of 52.19% and a negative net margin of 182.16%.The business had revenue of $15.06 million during the quarter, compared to the consensus estimate of $15.70 million. On average, equities analysts expect that Soluna will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Soluna

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its holdings in Soluna by 226.4% in the 1st quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock worth $590,000 after acquiring an additional 579,335 shares during the last quarter. Ardsley Advisory Partners LP purchased a new stake in Soluna during the 4th quarter valued at $2,018,000. RFG Advisory LLC bought a new stake in shares of Soluna in the 2nd quarter worth $135,000. Azora Capital LP bought a new stake in shares of Soluna in the 2nd quarter worth $32,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Soluna in the 2nd quarter worth $353,000. 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 designed to use excess renewable energy for high-performance computing. The company’s facilities support applications including cryptocurrency mining, artificial intelligence and other compute-intensive workloads, helping renewable power producers monetize electricity that might otherwise be curtailed.

Soluna’s business includes the development, construction and operation of modular data centers, as well as computing services for customers and its own digital-asset mining activities.