Soluna (NASDAQ:SLNH) Price Target Cut to $2.00 by Analysts at Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its price target cut by investment analysts at Rosenblatt Securities to $2.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Rosenblatt Securities‘s target price would indicate a potential upside of 271.06% from the stock’s current price.

SLNH has been the topic of several other reports. HC Wainwright reiterated a “buy” rating and issued a $4.00 price objective on shares of Soluna in a research report on Monday, August 17th. Zacks Research upgraded shares of Soluna to a “hold” rating in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soluna in a research report on Wednesday, September 9th. Finally, Wall Street Zen lowered shares of 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’s stock. Based on data from MarketBeat, Soluna currently has an average rating of “Hold” and an average price target of $3.00.

Soluna Price Performance

SLNH stock traded down $0.02 during trading on Thursday, reaching $0.54. 4,872,047 shares of the company were exchanged, compared to its average volume of 12,077,813. Soluna has a 52-week low of $0.52 and a 52-week 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 stock’s 50 day moving average price is $1.09 and its 200 day moving average price is $1.28. The company has a market cap of $132.97 million, a P/E ratio of -0.48 and a beta of 5.09.

Soluna (NASDAQ:SLNH) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) 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 analysts’ expectations of $15.70 million. As a group, analysts predict 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 company’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 directly owned 1,481,417 shares in the company, valued at approximately $1,866,585.42. This represents a 1.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have bought 50,000 shares of company stock valued at $57,000. 15.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLNH. Avaii Wealth Management LLC purchased a new position in Soluna in the 2nd quarter valued at about $25,000. Azora Capital LP acquired a new stake in Soluna during the 2nd quarter worth approximately $32,000. OMERS ADMINISTRATION Corp increased its position in 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 in the last quarter. SBI Securities Co. Ltd. increased its position in Soluna by 33.5% during the 3rd quarter. SBI Securities Co. Ltd. now owns 88,067 shares of the company’s stock worth $100,000 after purchasing an additional 22,107 shares in the last quarter. Finally, RFG Advisory LLC acquired a new stake in Soluna during the 2nd quarter worth approximately $135,000. 23.19% of the stock is currently owned by hedge funds and other institutional investors.

About Soluna

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.