Soluna (NASDAQ:SLNH) Upgraded at Rosenblatt Securities

Rosenblatt Securities upgraded shares of Soluna (NASDAQ:SLNH) to a strong-buy rating in a report released on Wednesday morning,Zacks reports.

A number of other equities analysts have also issued reports on SLNH. HC Wainwright restated a “buy” rating and issued a $4.00 target price on shares of Soluna in a research note on Monday, August 17th. Zacks Research upgraded Soluna to a “hold” rating in a research note on Tuesday, July 21st. Wall Street Zen lowered Soluna from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Soluna in a research note on Wednesday, September 9th. One 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $4.00.

Soluna Stock Performance

Shares of SLNH opened at $1.26 on Wednesday. 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 firm has a market cap of $310.84 million, a PE ratio of -1.12 and a beta of 5.07. Soluna has a 12 month low of $0.59 and a 12 month high of $5.14. The stock has a fifty day moving average price of $1.20 and a 200-day moving average price of $1.24.

Soluna (NASDAQ:SLNH) last released 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 business had revenue of $15.06 million during the quarter, compared to analysts’ expectations of $15.70 million. Equities research analysts predict that Soluna will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted 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 last quarter. Ardsley Advisory Partners LP acquired a new stake in Soluna during the fourth quarter valued at $2,018,000. RFG Advisory LLC purchased a new position in shares of Soluna in the 2nd quarter valued at about $135,000. Azora Capital LP acquired a new position in shares of Soluna during the 2nd quarter worth approximately $32,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Soluna during the 2nd quarter valued at approximately $353,000. 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.