Soluna (NASDAQ:SLNH) Upgraded to “Strong-Buy” at Rosenblatt Securities

Soluna (NASDAQ:SLNH) was upgraded by Rosenblatt Securities to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

SLNH has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Soluna in a report on Wednesday, September 9th. Wall Street Zen downgraded Soluna from a “hold” rating to a “sell” rating in a research note on Saturday. HC Wainwright reaffirmed 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 upgraded Soluna to a “hold” rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.00.

Soluna Stock Up 5.9%

Shares of NASDAQ:SLNH opened at $1.26 on Wednesday. The firm has a 50 day simple moving average of $1.20 and a 200-day simple moving average of $1.24. Soluna has a twelve month low of $0.59 and a twelve month high of $5.14. The company has a current ratio of 2.06, a quick ratio of 2.06 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $310.84 million, a PE ratio of -1.12 and a beta of 5.07.

Soluna (NASDAQ:SLNH) last posted its 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 company had revenue of $15.06 million during the quarter, compared to analysts’ expectations of $15.70 million. On average, equities analysts predict that Soluna will post -0.41 EPS for the current fiscal year.

Institutional Trading of Soluna

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ardsley Advisory Partners LP acquired a new position in shares of Soluna in the fourth quarter valued at approximately $2,018,000. Renaissance Technologies LLC lifted its holdings in shares of Soluna by 226.4% during the first 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 period. Yorkville Advisors Global LP acquired a new stake in shares of Soluna during the first quarter worth $237,000. Bank of New York Mellon Corp purchased a new position in Soluna in the 2nd quarter valued at $353,000. Finally, RFG Advisory LLC purchased a new position in Soluna in the 2nd quarter valued at $135,000. 23.19% of the stock is owned by hedge funds and other 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.