Soluna (NASDAQ:SLNH) Now Covered by Analysts at Rosenblatt Securities

Equities research analysts at Rosenblatt Securities assumed coverage on shares of Soluna (NASDAQ:SLNH) in a research note issued on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $4.00 price target on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 257.14% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 price target on shares of Soluna in a research report on Monday, August 17th. Zacks Research upgraded shares of Soluna to a “hold” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Soluna in a report on Wednesday, September 9th. Two 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 MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.00.

Soluna Stock Performance

NASDAQ:SLNH opened at $1.12 on Thursday. The company has a quick ratio of 2.06, a current ratio of 2.06 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $1.20 and its 200 day simple moving average is $1.24. The stock has a market cap of $276.30 million, a P/E ratio of -1.00 and a beta of 5.07. Soluna has a twelve month low of $0.59 and a twelve month high of $5.14.

Soluna (NASDAQ:SLNH) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.18) 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 company had revenue of $15.06 million during the quarter, compared to the consensus estimate of $15.70 million. As a group, research analysts predict that Soluna will post -0.41 EPS for the current year.

Institutional Trading of Soluna

A number of hedge funds and other institutional investors have recently modified their holdings of SLNH. Ardsley Advisory Partners LP bought a new position in shares of Soluna in the 4th quarter worth about $2,018,000. Renaissance Technologies LLC boosted its stake in Soluna by 226.4% during the first quarter. Renaissance Technologies LLC now owns 835,277 shares of the company’s stock worth $590,000 after acquiring an additional 579,335 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Soluna in the second quarter worth about $353,000. Yorkville Advisors Global LP purchased a new stake in Soluna in the first quarter worth about $237,000. Finally, RFG Advisory LLC bought a new position in shares of Soluna during the second quarter valued at approximately $135,000. 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.