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

Soluna (NASDAQ:SLNH) had its price objective lowered by Rosenblatt Securities to $2.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

SLNH has been the topic of several other research reports. HC Wainwright reissued a “buy” rating and set a $4.00 price objective on shares of Soluna in a report on Monday, August 17th. Wall Street Zen cut Soluna from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Soluna in a research report on Wednesday, September 9th. Finally, Zacks Research upgraded Soluna to a “hold” rating in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.00.

Soluna Stock Performance

Shares of Soluna stock opened at $0.55 on Thursday. Soluna has a fifty-two week low of $0.52 and a fifty-two week high of $4.04. 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 has a market capitalization of $135.71 million, a P/E ratio of -0.49 and a beta of 5.09. The company’s 50 day moving average price is $1.06 and its two-hundred day moving average price is $1.27.

Soluna (NASDAQ:SLNH) last posted its earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share 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. On average, equities analysts forecast that Soluna will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at Soluna

In other news, CAO Jessica Thomas sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 23rd. The shares were 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 of the company’s stock, valued at approximately $1,866,585.42. This trade represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have purchased 50,000 shares of company stock valued at $57,000. Corporate insiders own 15.50% of the company’s stock.

Institutional Trading of Soluna

Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its holdings in Soluna by 226.4% in the first quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock valued at $590,000 after purchasing an additional 579,335 shares during the period. Bank of New York Mellon Corp acquired a new position in Soluna during the 2nd quarter worth about $353,000. Yorkville Advisors Global LP bought a new stake in shares of Soluna in the 1st quarter valued at about $237,000. RFG Advisory LLC bought a new stake in shares of Soluna in the 2nd quarter valued at about $135,000. Finally, SBI Securities Co. Ltd. grew its position in shares of Soluna by 33.5% in the 3rd quarter. SBI Securities Co. Ltd. now owns 88,067 shares of the company’s stock valued at $100,000 after buying an additional 22,107 shares during the last quarter. Institutional investors own 23.19% of the company’s stock.

About Soluna

Soluna Holdings, Inc (NASDAQ:SLNH) develops and operates data centers powered by renewable energy. The company focuses on energy-intensive computing applications, including cryptocurrency mining and high-performance computing, by locating facilities near renewable power sources and using excess or otherwise curtailed electricity.

Through its Soluna Computing subsidiary, the company builds modular data centers designed to support digital-asset mining and emerging applications such as artificial intelligence and other high-performance computing workloads.