Rosenblatt Securities Has Lowered Expectations for Soluna (NASDAQ:SLNH) Stock Price

Soluna (NASDAQ:SLNH) had its price objective decreased by equities researchers at Rosenblatt Securities to $2.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities‘s price target points to a potential upside of 257.78% from the company’s previous close.

A number of other research firms have also recently issued reports on SLNH. Weiss Ratings reissued a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. HC Wainwright reissued a “buy” rating and issued a $4.00 target price on shares of Soluna in a research note on Monday, August 17th. Zacks Research raised Soluna to a “hold” rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen cut Soluna from a “hold” rating to a “sell” rating in a research note on Saturday, September 19th. Two equities research 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. Based on data from MarketBeat.com, Soluna has an average rating of “Hold” and a consensus price target of $3.00.

Soluna Trading Up 4.7%

NASDAQ:SLNH traded up $0.03 on Thursday, reaching $0.56. The company’s stock had a trading volume of 1,475,563 shares, compared to its average volume of 12,044,123. Soluna has a 1-year low of $0.52 and a 1-year high of $4.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.06 and a current ratio of 2.06. The firm has a market cap of $137.91 million, a PE ratio of -0.50 and a beta of 5.09. The business’s 50-day moving average price is $1.07 and its two-hundred day moving average price is $1.28.

Soluna (NASDAQ:SLNH) last posted its 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). Soluna had a negative net margin of 182.16% and a negative return on equity of 52.19%. The business had revenue of $15.06 million during the quarter, compared to analyst estimates of $15.70 million. Equities research analysts anticipate that Soluna will post -0.41 earnings per share for the current fiscal year.

Insider Transactions 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 stock was sold at an average price of $1.26, for a total transaction of $37,800.00. Following the sale, the chief accounting officer owned 1,481,417 shares in the company, valued at approximately $1,866,585.42. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders bought a total of 50,000 shares of company stock worth $57,000 in the last 90 days. Corporate insiders own 15.50% of the company’s stock.

Institutional Trading of Soluna

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its holdings in Soluna by 226.4% during the first quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock worth $590,000 after acquiring an additional 579,335 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Soluna during the second quarter worth about $353,000. Yorkville Advisors Global LP bought a new stake in Soluna during the first quarter worth about $237,000. RFG Advisory LLC bought a new stake in Soluna during the second quarter worth about $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 acquiring 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 (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.