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2 insiders bought €100k of shares over the last 90 days, the latest by PICCHI MICHAEL, filed 31 Aug 2026.
Soluna Holdings, Inc: what insiders have been doing
Soluna Holdings, Inc is a Energy company. Its directors and officers file their transactions with SEC (Form 4). In the past year (22 October 2025 to 22 October 2026), 62 filings came from 15 insiders.
On the market, 2 insiders bought (4 purchases totalling €100k) while 6 insiders sold (30 sales totalling €757k). Netting one side against the other leaves €657k of net selling. Unlike grants, an open-market purchase is paid for by the insider, at the market price. On the buying side, the filings list 1 finance chief and 1 chief executive among the declarants. Hirshfield Edward R filed the largest sale, €96k, on 18 August 2026.
In the case of 2 purchases, another manager of the company was buying within the same 30 days. Purchases made close together by different insiders form what is called a cluster. The last purchase on record was published on 31 August 2026, which is 54 days ago. Typically, a trade is published a median of 2 days after it takes place. For comparison, the SEC allows two business days to file a Form 4. A sale on its own says little: insiders also sell to pay tax, fund a purchase or diversify.
Across the 3,171 companies tracked on its exchange, the median is 24 filings; at 62 filings, this issuer sits above that mark. Over the whole record (from 2016), the tally stands at 98 purchases and 82 sales. On the fundamentals side, the SEC filing (10-K) for the period ending 31 December 2025 lists revenue at 29.7 m USD and net income at -53.4 m USD.
Elsewhere in the same sector, our signals recently picked up insider purchases at AXIA Energia S.A. and RGC Resources Inc. Every figure here comes from the filings published by SEC (Form 4) and describes the past, not future prices; it is not investment advice.
Insider Decl.
367
Thresholds
n/a
Buy Volume
€580,051
98 ops. · all time
Sell Volume
€2M
82 ops. · all time
Who traded when
BuySaleEdward R. Hirshfield19 sales
William P. Phelan15 sales
Toporek Michael11 sales
Lipman Matthew E.10 sales
John Belizaire1 buy6 sales
Jessica L. Thomas6 sales
+6 other insiders
Since the insiders bought
- -36.2%Entry US$1.05 · Close 16 Oct 2026 US$0.67
- +5.8%Entry US$12.12 · Close at T+30 US$12.82
- +150.0%Entry US$0.62 · Close at T+365 US$1.55
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
This score ranks the purchase within its own market. A position size is suggested only on the venues of the backtested strategy universe; elsewhere, signals stay on watch. Not investment advice.
Fundamental score
Ranked 25,504 of 26,280 companies
12.0
score / 100
Value6
Quality18
FCF yld-30%
Earn yld-50%
EV/EBITDA·
ROE-68%
Gross mgn22%
Net mgn·
Debt/EBITDA·
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
US$0.56
Analyst consensus
2 analystsUS$4.00Target US$4.00(+613%)US$4.00
Income statement
RevenueUS$29.7M
Gross profitUS$6.5M22% margin
EBITDA-US$37.9M-128% margin
Net income-US$69.1M-182.2% margin
Valuation
PER (forward)-2.4x
P/Book0.8x
Beta5.11
Balance sheet & cash
Market capUS$137.1M
Total debtUS$29.3M
Free Cash Flow-US$41M
Debt / Equity19%
Profitability & ownership
ROE-68.4%
ROA-17.3%
% insiders22.9%
% institutions21.2%
Last declaration on 24 September 2026
Declarations367 total
30,000 shares@ US$1.260.023% mcap43.5% of flowCommon StockSEC:0001493152-26-044152:0
16,189 shares@ US$1.050.010% mcap30.4% of flowCommon StockSEC:0001493152-26-043141:0
5,343 shares@ US$1.050.0033% mcap6.4% of flowCommon StockSEC:0001493152-26-043140:0
12,037 shares@ US$1.121.1% of flowCommon StockSEC:0001493152-26-041566:0
12,037 shares@ US$1.0541.0% of flowCommonSEC144:0001959173-26-006693
1,000 shares@ US$11.914.5% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-041021:0
20,000 shares@ US$1.1339.7% of flowCommon StockSEC:0001493152-26-040836:0
Canonical exit: 26 Nov 2026 (T+90)
50,000 shares@ US$1.2022.5% of flowCommon StockSEC:0001493152-26-040464:0
Canonical exit: 24 Nov 2026 (T+90)
5,000 shares@ US$12.004.6% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-040462:0
1,862 shares@ US$12.091.7% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-040462:1
8,099 shares@ US$12.087.6% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-040462:2
8,843 shares@ US$12.298.4% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-040055:0
5,000 shares@ US$11.664.5% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-040055:1
20,000 shares@ US$1.1540.3% of flowCommon StockSEC:0001493152-26-039911:0
Canonical exit: 18 Nov 2026 (T+90)
10,000 shares@ US$1.1420.0% of flowCommon StockSEC:0001493152-26-039911:1
Canonical exit: 22 Nov 2026 (T+90)
1,157 shares@ US$12.451.1% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-039694:1
5,000 shares@ US$12.614.9% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-039694:0
43,188 shares@ US$12.4942.1% of flowPreferred StockSEC144:0001949846-26-000531
9,007 shares@ US$12.3478.6% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-039022:0
3,200,000 shares0Common StockSEC:0001493152-26-036036:0
18,000 shares@ US$10.7015.1% of flowPreferred Series ASEC144:0001949846-26-000390
58,984 shares@ US$1.6737.1% of flowCommon StockSEC:0001493152-26-027082:1
3,018,802 shares0Common StockSEC:0001493152-26-027082:0
726,401 shares0Common StockSEC:0001493152-26-027094:0
1,000 shares@ US$10.004529.3% of flow9.0% Series A Cumulative Perpetual Preferred StockSEC:0001493152-26-027094:1
25 of 367 declarations
About Soluna Holdings, Inc
Soluna Holdings, Inc. is a U.S.-based digital infrastructure company listed on the NASDAQ in the United States. The company is focused on converting surplus renewable energy into computing capacity through modular data centers designed to sit close to wind, solar, or hydroelectric generation assets. Founded originally in 1961 as Mechanical Technology, Incorporated, the business was later reincorporated in Nevada and renamed Soluna Holdings in 2021. Its headquarters are in Albany, New York, giving the company a distinctive profile that combines energy infrastructure, data centers, and high-performance computing. ([sec.gov](https://www.sec.gov/Archives/edgar/data/64463/000164117225001756/form10-k.htm?utm_source=openai))
Soluna’s core business model is built around “renewable computing”: using flexible, behind-the-meter data center infrastructure to monetize power that might otherwise be curtailed or underutilized. The company serves several compute-intensive use cases, including hosted Bitcoin mining, high-performance computing, generative AI workloads, and demand response services for utilities and grid operators. A proprietary software layer, MaestroOS, is positioned as an operational tool to improve energy efficiency, site performance, and grid integration. This makes Soluna more than a pure colocation provider; it is effectively an energy-optimized compute platform. ([sec.gov](https://www.sec.gov/Archives/edgar/data/64463/000149315225023755/ex99-1.htm?utm_source=openai))
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From a competitive standpoint, Soluna occupies a niche position rather than competing head-on with large hyperscale cloud providers. Its differentiation lies in co-locating compute with renewable generation, targeting lower-cost and lower-carbon power access, and developing projects in modular phases. That strategy may appeal to customers seeking specialized infrastructure for Bitcoin hosting or AI/HPC capacity, but it also creates execution risk because project development, financing, permitting, and power agreements are central to the business model. The company’s project pipeline has been marketed under names such as Project Dorothy and Project Sophie, reflecting an asset-by-asset development approach. ([sec.gov](https://www.sec.gov/Archives/edgar/data/64463/000164117225001756/form10-k.htm?utm_source=openai))
Recent milestones include the release of full-year 2024 results, which highlighted revenue growth, the launch of the AI/HPC business, and progress on Project Dorothy 2. Soluna also reported a simplified capital structure, including the reduction of certain convertible notes to zero, while continuing to emphasize growth capital needs. At the same time, the company’s annual report continues to flag liquidity constraints and going-concern risk, which remain important considerations for equity investors. As a NASDAQ-listed issuer in the United States, Soluna also attracts market attention through SEC Form 4 insider filings, underscoring the stock’s sensitivity to governance and ownership signals. ([sec.gov](https://www.sec.gov/Archives/edgar/data/64463/000164117225001998/ex99-1.htm?utm_source=openai))
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