Renaissance Technologies LLC Buys 579,335 Shares of Soluna Holdings, Inc. $SLNH

Renaissance Technologies LLC lifted its stake in shares of Soluna Holdings, Inc. (NASDAQ:SLNH) by 226.4% in the 1st quarter, HoldingsChannel reports. The firm owned 835,277 shares of the company’s stock after buying an additional 579,335 shares during the quarter. Renaissance Technologies LLC’s holdings in Soluna were worth $590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Heights Capital Management Inc. purchased a new position in Soluna in the fourth quarter valued at approximately $2,391,000. Geode Capital Management LLC increased its position in Soluna by 756.0% in the fourth quarter. Geode Capital Management LLC now owns 1,889,533 shares of the company’s stock worth $2,211,000 after buying an additional 1,668,801 shares during the last quarter. Ardsley Advisory Partners LP purchased a new stake in Soluna in the fourth quarter worth $2,018,000. Jane Street Group LLC raised its stake in shares of Soluna by 989.3% in the fourth quarter. Jane Street Group LLC now owns 665,649 shares of the company’s stock valued at $779,000 after buying an additional 604,540 shares during the period. Finally, Yorkville Advisors Global LP bought a new stake in shares of Soluna in the first quarter valued at $237,000. Institutional investors own 23.19% of the company’s stock.

Insider Activity

In related news, CFO Michael Picchi acquired 100,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were acquired at an average price of $1.63 per share, with a total value of $163,000.00. Following the acquisition, the chief financial officer owned 1,381,250 shares of the company’s stock, valued at approximately $2,251,437.50. This trade represents a 7.80% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 10.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SLNH. Weiss Ratings raised Soluna from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 12th. HC Wainwright initiated coverage on Soluna in a report on Monday, July 20th. They issued a “buy” rating and a $4.00 price objective for the company. Zacks Research raised shares of Soluna to a “hold” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Soluna from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Soluna presently has an average rating of “Hold” and a consensus price target of $4.00.

Soluna Stock Performance

Shares of SLNH stock opened at $1.31 on Monday. The company’s fifty day simple moving average is $1.33 and its two-hundred day simple moving average is $1.21. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.06 and a quick ratio of 2.06. Soluna Holdings, Inc. has a 1 year low of $0.41 and a 1 year high of $5.14. The stock has a market capitalization of $206.65 million, a price-to-earnings ratio of -0.80 and a beta of 5.13.

Soluna (NASDAQ:SLNH) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) 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 the consensus estimate 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, analysts anticipate that Soluna Holdings, Inc. will post -0.45 earnings per share for the current year.

About Soluna

Soluna Computing, Inc (NASDAQ: SLNH) is a renewable energy and computing company that develops, constructs and operates utility‐scale wind and solar projects designed to power high-performance computing workloads. By integrating power generation with data processing infrastructure, Soluna targets applications such as cryptocurrency mining, blockchain validation, artificial intelligence training and other cloud‐based or on-premises computing tasks that can flex to available renewable output.

The company manages the full project lifecycle—site selection, permitting, engineering, procurement, construction and operations—with a focus on regions that offer abundant wind or solar resources yet face limitations in grid infrastructure.