Soluna (NASDAQ:SLNH) Rating Lowered to Sell at Wall Street Zen

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

A number of other brokerages have also weighed in on SLNH. Weiss Ratings restated a “sell (d-)” rating on shares of Soluna in a research report on Wednesday, September 9th. Zacks Research upgraded shares of Soluna to a “hold” rating in a report on Tuesday, July 21st. HC Wainwright reiterated a “buy” rating and issued a $4.00 price target on shares of Soluna in a research note on Monday, August 17th. Finally, Rosenblatt Securities began coverage on Soluna in a report on Thursday. They set a “buy” rating and a $4.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Soluna currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Soluna Price Performance

SLNH stock opened at $1.26 on Friday. The firm has a 50-day moving average price of $1.20 and a 200-day moving average price of $1.25. Soluna has a 12 month low of $0.59 and a 12 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 stock has a market capitalization of $310.84 million, a P/E ratio of -1.12 and a beta of 5.07.

Soluna (NASDAQ:SLNH) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.07). The company had revenue of $15.06 million for the quarter, compared to the consensus estimate of $15.70 million. Soluna had a negative net margin of 182.16% and a negative return on equity of 52.19%. As a group, equities research analysts anticipate that Soluna will post -0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Soluna

Hedge funds have recently added to or reduced their stakes in the business. Ardsley Advisory Partners LP acquired a new stake in Soluna in the fourth quarter valued at $2,018,000. Renaissance Technologies LLC lifted its holdings in Soluna by 226.4% during the 1st quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock worth $590,000 after buying an additional 579,335 shares during the period. Yorkville Advisors Global LP acquired a new position in Soluna during the 1st quarter worth about $237,000. Bank of New York Mellon Corp acquired a new position in Soluna during the 2nd quarter worth about $353,000. Finally, RFG Advisory LLC bought a new stake in shares of Soluna in the 2nd quarter valued at about $135,000. 23.19% of the stock is currently owned by institutional investors and hedge funds.

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.