Soluna (NASDAQ:SLNH) Stock Price Target Lowered at Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its price target 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 target price suggests a potential upside of 266.30% from the stock’s previous close.

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

Soluna Trading Down 2.6%

SLNH stock traded down $0.01 during mid-day trading on Thursday, reaching $0.55. 6,166,994 shares of the stock traded hands, compared to its average volume of 12,086,484. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.02. Soluna has a 52-week low of $0.52 and a 52-week high of $4.04. The company has a market cap of $134.70 million, a P/E ratio of -0.49 and a beta of 5.09. The stock’s fifty day moving average is $1.09 and its 200-day moving average is $1.28.

Soluna (NASDAQ:SLNH) last posted its quarterly 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). The company had revenue of $15.06 million during 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, sell-side analysts expect that Soluna will post -0.41 earnings per share for the current year.

Insider Activity at Soluna

In other news, CAO Jessica Thomas sold 30,000 shares of Soluna stock in a transaction that occurred on 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 of the company’s stock, valued at $1,866,585.42. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have purchased a total of 50,000 shares of company stock valued at $57,000 over the last 90 days. Company insiders own 15.50% of the company’s stock.

Hedge Funds Weigh In On Soluna

A number of institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its position in shares of Soluna by 226.4% in the first quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock valued at $590,000 after purchasing an additional 579,335 shares during the period. Yorkville Advisors Global LP bought a new position in shares of Soluna in the first quarter valued at approximately $237,000. Bank of New York Mellon Corp bought a new position in shares of Soluna in the second quarter valued at approximately $353,000. OMERS ADMINISTRATION Corp raised its position in shares of Soluna by 55.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock valued at $76,000 after purchasing an additional 38,100 shares during the period. Finally, RFG Advisory LLC bought a new position in shares of Soluna in the second quarter valued at approximately $135,000. 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.