Soluna Holdings, Inc. (NASDAQ:SLNH) Short Interest Down 77.2% in September

Key Points

• Soluna Holdings, Inc.'s short interest plummeted by 77.2% in September, dropping from 6,280,000 shares to 1,430,000 shares.
• Equities analysts have mixed ratings for Soluna, with Weiss Ratings issuing a "sell (d-)" and Wall Street Zen upgrading it from "sell" to "hold."
• The company reported a quarterly EPS of ($0.69), exceeding expectations, but with a negative net margin of 222.81% and revenue lower than the consensus estimate.

Soluna Holdings, Inc. (NASDAQ:SLNH - Get Free Report) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totaling 1,430,000 shares, a drop of 77.2% from the September 15th total of 6,280,000 shares. Based on an average daily volume of 11,170,000 shares, the short-interest ratio is currently 0.1 days. Approximately 2.9% of the company's stock are short sold. Approximately 2.9% of the company's stock are short sold. Based on an average daily volume of 11,170,000 shares, the short-interest ratio is currently 0.1 days.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SLNH shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Soluna in a research note on Wednesday, October 8th. HC Wainwright began coverage on shares of Soluna in a research note on Wednesday, July 23rd. They set a "neutral" rating on the stock. Finally, Wall Street Zen upgraded shares of Soluna from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce".

Soluna Price Performance

Shares of SLNH opened at $4.19 on Friday. The company has a market cap of $268.58 million, a price-to-earnings ratio of -0.47 and a beta of 4.34. Soluna has a twelve month low of $0.36 and a twelve month high of $5.14. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average of $1.38 and a two-hundred day moving average of $0.91.

Soluna (NASDAQ:SLNH - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.69) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.07. Soluna had a negative net margin of 222.81% and a negative return on equity of 183.79%. The business had revenue of $6.16 million during the quarter, compared to the consensus estimate of $8.10 million.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Soluna stock. SBI Securities Co. Ltd. raised its position in Soluna Holdings, Inc. (NASDAQ:SLNH - Free Report) by 118.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 64,766 shares of the company's stock after buying an additional 35,167 shares during the period. SBI Securities Co. Ltd. owned about 0.36% of Soluna worth $37,000 at the end of the most recent quarter. Institutional investors and hedge funds own 23.19% of the company's stock.

Soluna Company Profile

Soluna Holdings, Inc together with its subsidiaries, engages in the mining of cryptocurrency through data centers. It operates through two segments, Cryptocurrency Mining and Data Center Hosting. The company also operates in the blockchain business. In addition, the company develops and builds modular data centers that use for cryptocurrency mining.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.