Rosenblatt Securities Upgrades Soluna (NASDAQ:SLNH) to Strong-Buy

Key Points

• Rosenblatt Securities upgraded Soluna to “strong buy,” while other analysts remain divided; the stock has an overall “Moderate Buy” rating and a consensus price target of $4.00.
• Soluna shares opened at $1.26, with a market capitalization of approximately $310.8 million and a high-volatility beta of 5.07; the stock has traded between $0.59 and $5.14 over the past year.
• The company’s latest quarterly results fell short of expectations, reporting an adjusted loss of $0.18 per share versus the $0.11 expected and revenue of $15.06 million versus estimates of $15.70 million.

Soluna (NASDAQ:SLNH - Get Free Report) was upgraded by analysts at Rosenblatt Securities to a "strong-buy" rating in a report issued on Wednesday, Zacks reports.

Several other research firms also recently commented on SLNH. Wall Street Zen downgraded shares of Soluna from a "hold" rating to a "sell" rating in a research note on Saturday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Soluna in a research note on Wednesday, September 9th. Zacks Research upgraded Soluna to a "hold" rating in a report on Tuesday, July 21st. Finally, HC Wainwright reissued a "buy" rating and set a $4.00 target price on shares of Soluna in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Soluna has an average rating of "Moderate Buy" and an average target price of $4.00.

Soluna Stock Performance

Shares of Soluna stock opened at $1.26 on Wednesday. The stock has a market capitalization of $310.84 million, a price-to-earnings ratio of -1.12 and a beta of 5.07. 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 business has a 50-day moving average of $1.20 and a 200 day moving average of $1.24. Soluna has a 12 month low of $0.59 and a 12 month high of $5.14.

Soluna (NASDAQ:SLNH - Get Free Report) last issued 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). Soluna had a negative return on equity of 52.19% and a negative net margin of 182.16%.The business had revenue of $15.06 million for the quarter, compared to analyst estimates of $15.70 million. As a group, sell-side analysts forecast that Soluna will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On Soluna

Institutional investors have recently modified their holdings of the company. Ardsley Advisory Partners LP purchased a new position in Soluna in the fourth quarter valued at $2,018,000. Renaissance Technologies LLC raised its stake 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 buying an additional 579,335 shares in the last quarter. Yorkville Advisors Global LP purchased a new stake in Soluna during the 1st quarter worth about $237,000. Bank of New York Mellon Corp purchased a new stake in Soluna during the 2nd quarter worth about $353,000. Finally, OMERS ADMINISTRATION Corp boosted its position in shares of Soluna by 55.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 107,100 shares of the company's stock worth $76,000 after acquiring an additional 38,100 shares in the last quarter. 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.

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