Soluna (NASDAQ:SLNH) Research Coverage Started at Rosenblatt Securities

Rosenblatt Securities began coverage on shares of Soluna (NASDAQ:SLNH) in a research note released on Thursday, MarketBeat reports. The firm issued a buy rating and a $4.00 target price on the stock.

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

Soluna Trading Up 5.9%

SLNH opened at $1.26 on Thursday. The firm has a market capitalization of $310.84 million, a P/E ratio of -1.12 and a beta of 5.07. The firm’s 50 day moving average is $1.20 and its 200-day moving average is $1.24. Soluna has a 52-week low of $0.59 and a 52-week high of $5.14. 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 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 firm had revenue of $15.06 million during the quarter, compared to analysts’ expectations of $15.70 million. Soluna had a negative net margin of 182.16% and a negative return on equity of 52.19%. Analysts expect that Soluna will post -0.41 EPS for the current fiscal year.

Institutional Trading of Soluna

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ardsley Advisory Partners LP bought a new position in Soluna during the 4th quarter valued at $2,018,000. Renaissance Technologies LLC increased its position in shares of Soluna by 226.4% in the 1st quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock worth $590,000 after purchasing an additional 579,335 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Soluna in the 2nd quarter worth about $353,000. Yorkville Advisors Global LP acquired a new stake in shares of Soluna in the 1st quarter valued at about $237,000. Finally, RFG Advisory LLC acquired a new stake in shares of Soluna in the 2nd quarter valued at about $135,000. Institutional investors own 23.19% of the company’s stock.

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.