Soluna (NASDAQ:SLNH) Given New $2.00 Price Target at Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its price target lowered by Rosenblatt Securities to $2.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities‘s price target points to a potential upside of 274.53% from the stock’s current price.

SLNH has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. Wall Street Zen lowered Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. HC Wainwright reissued a “buy” rating and issued a $4.00 price target on shares of Soluna in a research note on Monday, August 17th. Finally, Zacks Research upgraded shares of Soluna to a “hold” rating in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $3.00.

Soluna Trading Down 4.8%

Shares of SLNH traded down $0.03 during trading hours on Thursday, reaching $0.53. 5,684,131 shares of the company traded hands, compared to its average volume of 12,083,511. The firm has a market cap of $131.74 million, a price-to-earnings ratio of -0.48 and a beta of 5.09. Soluna has a 12-month low of $0.52 and a 12-month high of $4.04. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.02. The stock’s fifty day moving average price is $1.09 and its 200 day moving average price is $1.28.

Soluna (NASDAQ:SLNH) last issued 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 company had revenue of $15.06 million for the quarter, compared to analysts’ expectations of $15.70 million. Sell-side analysts forecast that Soluna will post -0.41 earnings per share for the current year.

Insider Transactions at Soluna

In other Soluna news, CAO Jessica Thomas sold 30,000 shares of Soluna stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $1.26, for a total transaction of $37,800.00. Following the transaction, the chief accounting officer directly owned 1,481,417 shares of the company’s stock, valued at $1,866,585.42. The trade was a 1.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have bought 50,000 shares of company stock worth $57,000 in the last ninety days. 15.50% of the stock is currently owned by company insiders.

Institutional Trading of Soluna

Hedge funds have recently made changes to their positions in the company. Avaii Wealth Management LLC purchased a new stake in shares of Soluna during the 2nd quarter valued at approximately $25,000. Azora Capital LP purchased a new stake in Soluna in the second quarter valued at $32,000. SBI Securities Co. Ltd. lifted its stake in shares of Soluna by 33.5% in the 3rd 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 last quarter. RFG Advisory LLC acquired a new position in shares of Soluna in the 2nd quarter valued at $135,000. Finally, OMERS ADMINISTRATION Corp grew its holdings in shares of Soluna by 55.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock worth $76,000 after purchasing an additional 38,100 shares during the period. Hedge funds and other 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 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.