Soluna (NASDAQ:SLNH) Stock Gets Price Target Cut from Rosenblatt Securities

Key Points

• Rosenblatt Securities cut Soluna’s price target to $2.00 but maintained a “buy” rating, implying approximately 271.75% upside from the stock’s $0.54 price.
• Analyst sentiment is mixed: two analysts rate Soluna a buy, one a hold and one a sell, resulting in a consensus “hold” rating and a $3.00 average price target.
• Soluna’s latest quarter fell short of expectations, with an adjusted loss of $0.18 per share versus the $0.11 consensus estimate and revenue of $15.06 million versus $15.70 million expected.

Soluna (NASDAQ:SLNH - Get Free Report) had its price objective cut by equities research analysts at Rosenblatt Securities to $2.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Rosenblatt Securities's price objective would indicate a potential upside of 271.75% from the stock's current price.

A number of other analysts also recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Soluna in a report on Wednesday, September 9th. Wall Street Zen downgraded shares of Soluna from a "hold" rating to a "sell" rating in a report on Saturday, September 19th. Zacks Research raised shares of Soluna to a "hold" rating in a report on Tuesday, July 21st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $4.00 price target on shares of Soluna in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $3.00.

Soluna Stock Performance

NASDAQ SLNH traded down $0.02 during trading on Thursday, reaching $0.54. The company's stock had a trading volume of 1,552,186 shares, compared to its average volume of 12,060,104. 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 capitalization of $132.73 million, a price-to-earnings ratio of -0.48 and a beta of 5.09. Soluna has a 12 month low of $0.52 and a 12 month high of $4.04. The firm has a 50 day moving average price of $1.09 and a 200 day moving average price of $1.28.

Soluna (NASDAQ:SLNH - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $15.06 million during 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 analysts anticipate that Soluna will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at Soluna

In other news, CAO Jessica Thomas sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $1.26, for a total transaction of $37,800.00. Following the completion of the sale, the chief accounting officer owned 1,481,417 shares of the company's stock, valued at approximately $1,866,585.42. This represents a 1.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 50,000 shares of company stock worth $57,000. Corporate insiders own 15.50% of the company's stock.

Hedge Funds Weigh In On Soluna

Institutional investors have recently added to or reduced their stakes in the stock. Avaii Wealth Management LLC acquired a new position in Soluna during the 2nd quarter worth approximately $25,000. Azora Capital LP acquired a new position in Soluna during the 2nd quarter worth approximately $32,000. SBI Securities Co. Ltd. increased its position in Soluna by 33.5% during the 3rd quarter. SBI Securities Co. Ltd. now owns 88,067 shares of the company's stock worth $100,000 after purchasing an additional 22,107 shares in the last quarter. RFG Advisory LLC acquired a new position in Soluna during the 2nd quarter worth approximately $135,000. Finally, 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. 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 powered by renewable energy. The company partners with renewable-energy producers to use excess or curtailed electricity that might otherwise go unused, converting it into computing capacity while providing an additional revenue source for power projects.

Soluna's facilities support high-performance computing applications, including cryptocurrency mining and artificial intelligence workloads. Through its Soluna Compute business, the company develops modular data-center campuses and provides infrastructure, hosting and computing services for customers that require energy-intensive digital processing.

The company's operating and development portfolio has primarily focused on projects in the United States, including renewable-powered data-center sites in Texas.