Soluna (NASDAQ:SLNH) Raised to “Hold” at Wall Street Zen

Soluna (NASDAQ:SLNH) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday.

Separately, HC Wainwright started coverage on Soluna in a research report on Wednesday, July 23rd. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Soluna Stock Performance

Shares of NASDAQ SLNH opened at $0.72 on Friday. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $0.58 and a 200-day simple moving average of $0.68. The company has a market cap of $21.71 million, a PE ratio of -0.08 and a beta of 3.47. Soluna has a 12-month low of $0.36 and a 12-month high of $4.78.

Soluna (NASDAQ:SLNH) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.69) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.07. The business had revenue of $6.16 million during the quarter, compared to the consensus estimate of $8.10 million. Soluna had a negative return on equity of 183.79% and a negative net margin of 222.81%.

Institutional Investors Weigh In On Soluna

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLNH. Dimensional Fund Advisors LP raised its holdings in Soluna by 67.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 23,041 shares of the company’s stock worth $48,000 after purchasing an additional 9,264 shares in the last quarter. Arcadia Wealth Management Inc. bought a new position in shares of Soluna in the fourth quarter valued at $42,000. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Soluna by 118.8% in the second quarter. SBI Securities Co. Ltd. now owns 64,766 shares of the company’s stock valued at $37,000 after buying an additional 35,167 shares in the last quarter. Institutional investors own 23.19% of the company’s stock.

About Soluna

Soluna Holdings, Inc together with its subsidiaries, engages in the mining of cryptocurrency through data centers. It operates through two segments, Cryptocurrency Mining and Data Center Hosting. The company also operates in the blockchain business. In addition, the company develops and builds modular data centers that use for cryptocurrency mining.