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

Soluna (NASDAQ:SLNH) had its target price reduced by Rosenblatt Securities to $2.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities‘s target price points to a potential upside of 274.53% from the stock’s current price.

Several other equities analysts also recently issued reports on SLNH. Weiss Ratings reissued a “sell (d-)” rating on shares of Soluna in a report on Wednesday, September 9th. Wall Street Zen cut shares of Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Zacks Research upgraded shares of Soluna to a “hold” rating in a research report on Tuesday, July 21st. Finally, HC Wainwright reissued a “buy” rating and set a $4.00 target price on shares of Soluna in a research note on Monday, August 17th. Two investment 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. According to MarketBeat, Soluna has a consensus rating of “Hold” and a consensus target price of $3.00.

Soluna Stock Performance

Shares of NASDAQ SLNH traded down $0.03 during mid-day trading on Thursday, hitting $0.53. The company had a trading volume of 3,310,381 shares, compared to its average volume of 12,071,186. Soluna has a 12 month low of $0.52 and a 12 month high of $4.04. The stock has a market cap of $131.74 million, a price-to-earnings ratio of -0.48 and a beta of 5.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.06 and a quick ratio of 2.06. The firm’s 50 day simple moving average is $1.09 and its two-hundred day simple moving average is $1.28.

Soluna (NASDAQ:SLNH) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) 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 company had revenue of $15.06 million for the quarter, compared to the consensus estimate of $15.70 million. As a group, equities research analysts forecast that Soluna will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other Soluna 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 completion of the transaction, the chief accounting officer owned 1,481,417 shares in the company, valued at approximately $1,866,585.42. The trade was a 1.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders acquired 50,000 shares of company stock worth $57,000. 15.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Avaii Wealth Management LLC acquired a new position in shares of Soluna during the second quarter valued at $25,000. Azora Capital LP acquired a new stake in Soluna in the second quarter worth about $32,000. SBI Securities Co. Ltd. lifted its holdings in Soluna by 33.5% in the third 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 during the period. RFG Advisory LLC acquired a new stake in Soluna in the second quarter worth about $135,000. Finally, OMERS ADMINISTRATION Corp grew its position in Soluna by 55.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock valued at $76,000 after buying an additional 38,100 shares in the last quarter. 23.19% of the stock is owned by institutional investors and hedge funds.

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.