Rosenblatt Securities initiated coverage of Soluna Holdings Inc. with a Buy rating.
The firm set a price target of $4.00 per share. This target represents a 257% potential upside from the previous closing price of $1.12.
Analysts highlighted Soluna’s strategic transition from Bitcoin mining to high-performance computing (HPC) hosting. A joint venture with MetroBloks supports the expansion at its Texas facilities. Soluna recently secured a 266-megawatt base load designation from ERCOT.
The company expects to sign its first HPC contract before the end of the year.