Soluna (NASDAQ:SLNH) Trading Down 5.9% – Should You Sell?

Soluna Holdings, Inc. (NASDAQ:SLNH)’s stock price was down 5.9% on Thursday . The company traded as low as $2.90 and last traded at $3.03. Approximately 4,624,373 shares were traded during trading, a decline of 72% from the average daily volume of 16,745,640 shares. The stock had previously closed at $3.22.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SLNH. Weiss Ratings restated a “sell (d-)” rating on shares of Soluna in a report on Wednesday, October 8th. HC Wainwright started coverage on Soluna in a research note on Wednesday, July 23rd. They issued a “neutral” rating for the company. Finally, Wall Street Zen raised Soluna from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

Soluna Price Performance

The business has a 50 day moving average of $1.96 and a 200 day moving average of $1.12. The company has a market cap of $206.86 million, a PE ratio of -0.34 and a beta of 4.34. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.35 and a quick ratio of 0.35.

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

Hedge Funds Weigh In On Soluna

A hedge fund recently raised its stake in Soluna stock. SBI Securities Co. Ltd. boosted its position in Soluna Holdings, Inc. (NASDAQ:SLNH) by 118.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,766 shares of the company’s stock after purchasing an additional 35,167 shares during the quarter. SBI Securities Co. Ltd. owned approximately 0.36% of Soluna worth $37,000 at the end of the most recent quarter. 23.19% of the stock is owned by institutional investors and hedge funds.

About Soluna

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.