Soluna (NASDAQ:SLNH) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Soluna from “hold” to “sell.” Despite mixed analyst views, MarketBeat’s consensus rating remains “hold,” with a $4.00 average price target.
• Soluna’s latest quarterly results fell short of expectations, reporting an EPS loss of $0.18 versus the expected $0.11 loss and revenue of $15.06 million versus the $15.70 million estimate.
• The stock opened at $1.26 and has traded between $0.59 and $5.14 over the past year. Soluna operates renewable-energy-powered data centers for cryptocurrency mining, artificial intelligence and other high-performance computing workloads.

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

Other analysts also recently issued reports about the company. Weiss Ratings restated 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 research report on Tuesday, July 21st. HC Wainwright reissued a "buy" rating and set a $4.00 target price on shares of Soluna in a report on Monday, August 17th. Finally, Rosenblatt Securities initiated coverage on shares of Soluna in a research report on Thursday. They issued a "buy" rating and a $4.00 target price for the company. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $4.00.

Soluna Price Performance

Shares of NASDAQ SLNH opened at $1.26 on Friday. The business's 50 day moving average price is $1.20 and its two-hundred day moving average price is $1.24. The company has a market cap of $310.84 million, a PE ratio of -1.12 and a beta of 5.07. 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 has a twelve month low of $0.59 and a twelve month high of $5.14.

Soluna (NASDAQ:SLNH - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $15.06 million for the quarter, compared to analyst estimates of $15.70 million. On average, analysts predict that Soluna will post -0.41 EPS for the current year.

Institutional Investors Weigh In On Soluna

Several institutional investors and hedge funds have recently bought and sold shares of the company. Azora Capital LP boosted its stake in shares of Soluna by 97.7% in the 4th quarter. Azora Capital LP now owns 29,369 shares of the company's stock valued at $34,000 after purchasing an additional 14,513 shares in the last quarter. Avaii Wealth Management LLC acquired a new position in Soluna during the 2nd quarter worth approximately $25,000. OMERS ADMINISTRATION Corp increased its position in 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 purchasing an additional 38,100 shares in the last quarter. RFG Advisory LLC acquired a new position in Soluna during the 2nd quarter worth approximately $135,000. Finally, Bank of New York Mellon Corp bought a new position in Soluna in the 2nd quarter valued at approximately $353,000. Institutional investors own 23.19% of the company's stock.

Soluna Company Profile

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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