Soluna (NASDAQ:SLNH) Given New $2.00 Price Target at Rosenblatt Securities

Soluna (NASDAQ:SLNH) had its price objective cut by equities researchers at Rosenblatt Securities 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‘s price objective would indicate a potential upside of 273.13% from the company’s current price.

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

Soluna Stock Down 4.4%

SLNH stock traded down $0.02 during trading on Thursday, reaching $0.54. 5,238,559 shares of the company traded hands, compared to its average volume of 12,081,573. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.06 and a current ratio of 2.06. The company has a market capitalization of $132.23 million, a price-to-earnings ratio of -0.48 and a beta of 5.09. The business has a 50 day simple moving average of $1.09 and a 200 day simple moving average of $1.28. Soluna has a 12 month low of $0.52 and a 12 month high of $4.04.

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

Insider Activity

In related news, CAO Jessica Thomas sold 30,000 shares of Soluna stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $1.26, for a total value of $37,800.00. Following the sale, the chief accounting officer directly owned 1,481,417 shares in the company, valued at $1,866,585.42. The trade was a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased a total of 50,000 shares of company stock valued at $57,000 over the last quarter. Insiders own 15.50% of the company’s stock.

Institutional Trading of Soluna

A number of institutional investors have recently bought and sold shares of SLNH. Avaii Wealth Management LLC acquired a new position in Soluna in the second quarter valued at $25,000. SBI Securities Co. Ltd. increased 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 worth $100,000 after acquiring an additional 22,107 shares during the last quarter. Azora Capital LP acquired a new stake in Soluna during the second quarter worth about $32,000. OMERS ADMINISTRATION Corp increased its stake in Soluna by 55.2% during the first quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company’s stock worth $76,000 after acquiring an additional 38,100 shares during the last quarter. Finally, RFG Advisory LLC acquired a new stake in Soluna during the second quarter worth about $135,000. 23.19% of the stock is currently owned by hedge funds and other institutional investors.

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.