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

Soluna (NASDAQ:SLNH) had its target price cut by investment analysts at Rosenblatt Securities from $4.00 to $2.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 256.70% from the company’s previous close.

A number of other brokerages also recently weighed in on SLNH. Wall Street Zen downgraded shares of Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Soluna in a research note on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. Finally, Zacks Research upgraded shares of Soluna to a “hold” rating in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.00.

Soluna Trading Down 2.8%

Shares of SLNH stock opened at $0.56 on Thursday. The stock has a 50-day simple moving average of $1.09 and a 200 day simple moving average of $1.28. Soluna has a fifty-two week low of $0.55 and a fifty-two week high of $4.04. The stock has a market capitalization of $138.33 million, a P/E ratio of -0.50 and a beta of 5.09. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.02.

Soluna (NASDAQ:SLNH) last released 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 return on equity of 52.19% and a negative net margin of 182.16%. The firm had revenue of $15.06 million for the quarter, compared to analyst estimates of $15.70 million. On average, sell-side analysts expect that Soluna will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Jessica Thomas sold 30,000 shares of the business’s stock in a transaction on 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 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 available at this link. Insiders acquired 50,000 shares of company stock worth $57,000 over the last quarter. 15.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Soluna

A number of hedge funds and other institutional investors have recently modified their holdings of SLNH. Avaii Wealth Management LLC purchased a new position in Soluna in the 2nd quarter worth about $25,000. SBI Securities Co. Ltd. lifted its stake in 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 in the last quarter. Azora Capital LP purchased a new stake in Soluna during the second quarter valued at about $32,000. OMERS ADMINISTRATION Corp boosted its holdings in shares of Soluna by 55.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock worth $76,000 after buying an additional 38,100 shares during the period. Finally, RFG Advisory LLC acquired a new position in shares of Soluna in the second quarter worth about $135,000. Institutional investors and hedge funds own 23.19% of the company’s stock.

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.