HC Wainwright Reaffirms Buy Rating for Soluna (NASDAQ:SLNH)

Soluna (NASDAQ:SLNH)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $4.00 target price on the stock. HC Wainwright’s price objective indicates a potential upside of 205.34% from the stock’s previous close.

A number of other research analysts also recently weighed in on SLNH. Wall Street Zen raised Soluna from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. Weiss Ratings upgraded Soluna from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, June 12th. Finally, Zacks Research raised shares of Soluna to a “hold” rating in a research report on Tuesday, July 21st. One investment analyst has 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $4.00.

Soluna Stock Performance

NASDAQ:SLNH opened at $1.31 on Monday. 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 12 month low of $0.41 and a 12 month high of $5.14. The company has a market cap of $206.65 million, a PE ratio of -0.80 and a beta of 5.13. The company has a 50 day simple moving average of $1.33 and a two-hundred day simple moving average of $1.21.

Soluna (NASDAQ:SLNH) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $15.06 million for the quarter, compared to the consensus estimate of $15.70 million. Research analysts forecast that Soluna will post -0.45 earnings per share for the current year.

Insider Activity at Soluna

In related news, CFO Michael Picchi acquired 100,000 shares of Soluna stock in a transaction dated Thursday, May 21st. The stock was purchased at an average cost of $1.63 per share, for a total transaction of $163,000.00. Following the purchase, the chief financial officer directly 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. 10.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Soluna

Several institutional investors and hedge funds have recently bought and sold shares of SLNH. Focus Partners Wealth purchased a new stake in Soluna in the third quarter worth about $25,000. Scientech Research LLC purchased a new position in shares of Soluna during the 3rd quarter valued at about $31,000. Avaii Wealth Management LLC bought a new position in shares of Soluna during the 2nd quarter valued at approximately $25,000. Azora Capital LP bought a new position in shares of Soluna during the 2nd quarter valued at approximately $32,000. Finally, Squarepoint Ops LLC purchased a new stake in Soluna in the 4th quarter worth approximately $30,000. 23.19% of the stock is currently owned by hedge funds and other institutional investors.

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.