Solana (NASDAQ:HSDT) Stock Price Target Lowered at B. Riley Financial

Solana (NASDAQ:HSDT) had its price target cut by B. Riley Financial from $4.00 to $3.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley Financial‘s price objective points to a potential upside of 70.94% from the company’s previous close.

A number of other equities analysts have also weighed in on HSDT. Weiss Ratings reissued a “sell (e+)” rating on shares of Solana in a research report on Thursday, October 15th. Wall Street Zen lowered shares of Solana from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Solana has a consensus rating of “Hold” and a consensus target price of $3.50.

Solana Stock Performance

HSDT stock traded down $0.10 during trading on Thursday, hitting $1.75. The stock had a trading volume of 306,191 shares, compared to its average volume of 399,966. The stock has a market cap of $106.59 million, a price-to-earnings ratio of -0.06 and a beta of 1.10. The company’s 50 day moving average price is $2.37 and its two-hundred day moving average price is $2.06. Solana has a 1-year low of $1.19 and a 1-year high of $5.11.

Solana (NASDAQ:HSDT) last released its quarterly earnings results on Thursday, November 12th. The company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $1.18. Solana had a negative net margin of 1,302.78% and a negative return on equity of 41.86%. The company had revenue of $3.36 million for the quarter, compared to analysts’ expectations of $2.85 million. As a group, sell-side analysts forecast that Solana will post -0.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Solana

An institutional investor recently bought a new position in Solana stock. Saba Capital Management L.P. bought a new position in shares of Solana Company (NASDAQ:HSDT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 65,210 shares of the company’s stock, valued at approximately $113,000. Saba Capital Management L.P. owned 0.12% of Solana at the end of the most recent quarter. Hedge funds and other institutional investors own 18.63% of the company’s stock.

Top Solana Stories

Investors following HSDT have been watching these stories:

• Positive Sentiment: Q3 revenue rose to $3.4 million from $0.7 million a year earlier, primarily from SOL staking. Diluted EPS was $1.17, well above analysts’ expected loss, and the company reported an 82% gross margin. Company Q3 results
• Positive Sentiment: The company held about 2.4 million SOL, valued at $288.2 million at quarter-end, and reported a 5.9% average net staking yield versus the network’s approximately 4.9%. Its Pacific Backbone infrastructure was operating, with about 1.3 million SOL delegated, including third-party stake. Q3 business and treasury update
• Negative Sentiment: Cash and cash equivalents were only $1.1 million at quarter-end, while nine-month general and administrative expenses increased year over year. These factors, alongside the company’s substantial exposure to crypto-asset volatility, may temper enthusiasm about the results. Company Q3 results

Solana Company Profile

Solana is a digital asset company focused on building a treasury centered on Solana’s native cryptocurrency, SOL. Its activities include acquiring and holding SOL and developing strategies intended to provide investors with exposure to the Solana blockchain ecosystem through a publicly traded company. The company is associated with the Solana network, a blockchain platform designed to support decentralized applications, digital assets and smart contracts. Its business may also include participating in the broader Solana ecosystem and pursuing opportunities related to blockchain infrastructure and digital asset growth.