Soluna (NASDAQ:SLNH) Upgraded by Rosenblatt Securities to Strong-Buy Rating

Rosenblatt Securities upgraded shares of Soluna (NASDAQ:SLNH) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks reports.

A number of other brokerages have also commented on SLNH. Wall Street Zen lowered shares of Soluna from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Soluna in a report on Wednesday, September 9th. HC Wainwright reissued a “buy” rating and set a $4.00 price target on shares of Soluna in a research report on Monday, August 17th. Finally, Zacks Research raised Soluna to a “hold” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $4.00.

Soluna Stock Up 5.9%

SLNH stock opened at $1.26 on Wednesday. The company has a market cap of $310.84 million, a price-to-earnings ratio of -1.12 and a beta of 5.07. Soluna has a twelve month low of $0.59 and a twelve month high of $5.14. The business has a 50 day moving average price of $1.20 and a two-hundred day moving average price of $1.24. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.02.

Soluna (NASDAQ:SLNH) last announced 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). 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 during the quarter, compared to analyst estimates of $15.70 million. Analysts anticipate that Soluna will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Soluna

Several hedge funds and other institutional investors have recently made changes to their positions in SLNH. RFG Advisory LLC bought a new position in Soluna in the 2nd quarter valued at approximately $135,000. Azora Capital LP bought a new position in shares of Soluna in the 2nd quarter valued at $32,000. Avaii Wealth Management LLC acquired a new stake in shares of Soluna during the 2nd quarter valued at $25,000. Bank of New York Mellon Corp acquired a new stake in shares of Soluna during the 2nd quarter valued at $353,000. Finally, OMERS ADMINISTRATION Corp grew its position in Soluna by 55.2% during the 1st 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. 23.19% of the stock is owned by institutional investors.

About Soluna

Soluna Holdings, Inc, doing business as Soluna, develops and operates data centers designed to use excess renewable energy for high-performance computing. The company’s facilities support applications including cryptocurrency mining, artificial intelligence and other compute-intensive workloads, helping renewable power producers monetize electricity that might otherwise be curtailed.

Soluna’s business includes the development, construction and operation of modular data centers, as well as computing services for customers and its own digital-asset mining activities.