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

Soluna (NASDAQ:SLNH) had its price target decreased by analysts at Rosenblatt Securities to $2.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities‘s price objective points to a potential upside of 264.96% from the stock’s previous close.

A number of other brokerages have also recently commented on SLNH. Zacks Research upgraded shares of Soluna to a “hold” rating in a research report on Tuesday, July 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Soluna in a research report on Wednesday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Soluna in a research note on Monday, August 17th. Finally, Wall Street Zen lowered Soluna from a “hold” rating to a “sell” rating in a research 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. Based on data from MarketBeat.com, Soluna presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Soluna Price Performance

SLNH traded down $0.01 during midday trading on Thursday, hitting $0.55. The stock had a trading volume of 6,463,827 shares, compared to its average volume of 12,087,013. 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 business has a fifty day moving average of $1.09 and a 200 day moving average of $1.28. The company has a market cap of $135.19 million, a P/E ratio of -0.49 and a beta of 5.09.

Soluna (NASDAQ:SLNH) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate 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%. As a group, equities analysts forecast that Soluna will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at Soluna

In other Soluna news, CAO Jessica Thomas sold 30,000 shares of the business’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 transaction, the chief accounting officer owned 1,481,417 shares in the company, valued at approximately $1,866,585.42. The trade was a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have acquired 50,000 shares of company stock valued at $57,000. 15.50% of the stock is owned by company insiders.

Institutional Trading of Soluna

Large investors have recently modified their holdings of the business. Avaii Wealth Management LLC purchased a new position in Soluna during the 2nd quarter valued at about $25,000. Azora Capital LP bought a new stake in shares of Soluna in the 2nd quarter worth approximately $32,000. SBI Securities Co. Ltd. increased its stake in shares of Soluna by 33.5% during the third quarter. SBI Securities Co. Ltd. now owns 88,067 shares of the company’s stock valued at $100,000 after buying an additional 22,107 shares during the period. RFG Advisory LLC purchased a new position in shares of Soluna during the second quarter valued at approximately $135,000. Finally, OMERS ADMINISTRATION Corp raised its holdings in shares of Soluna by 55.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock valued at $76,000 after acquiring an additional 38,100 shares in the last quarter. 23.19% of the stock is owned by institutional investors.

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.