Greenidge Generation (NASDAQ:GREE) Shares Up 1.8% – Here’s Why

Shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) shot up 1.8% during mid-day trading on Wednesday . The company traded as high as $1.77 and last traded at $1.68. 802,337 shares were traded during trading, a decline of 30% from the average daily volume of 1,151,372 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GREE. Weiss Ratings reiterated a “sell (d)” rating on shares of Greenidge Generation in a research report on Thursday, July 2nd. Wall Street Zen upgraded Greenidge Generation to a “hold” rating in a research report on Saturday, June 6th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of “Sell”.

Greenidge Generation Price Performance

The stock has a market capitalization of $28.32 million, a PE ratio of 4.42 and a beta of 3.02. The company’s 50 day moving average price is $1.90 and its two-hundred day moving average price is $1.49.

Greenidge Generation (NASDAQ:GREE) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.29) earnings per share (EPS) for the quarter. The business had revenue of $20.83 million for the quarter. Greenidge Generation had a net margin of 10.38% and a negative return on equity of 12.10%.

Institutional Investors Weigh In On Greenidge Generation

A number of large investors have recently made changes to their positions in GREE. Virtu Financial LLC acquired a new stake in shares of Greenidge Generation in the fourth quarter valued at approximately $37,000. XTX Topco Ltd acquired a new position in Greenidge Generation during the second quarter worth $41,000. Jane Street Group LLC purchased a new stake in Greenidge Generation in the 4th quarter valued at $65,000. Renaissance Technologies LLC increased its stake in shares of Greenidge Generation by 14.2% in the 1st quarter. Renaissance Technologies LLC now owns 88,300 shares of the company’s stock worth $97,000 after acquiring an additional 11,000 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Greenidge Generation by 19.1% during the 4th quarter. State Street Corp now owns 79,050 shares of the company’s stock worth $117,000 after acquiring an additional 12,700 shares during the period. 8.50% of the stock is currently owned by hedge funds and other institutional investors.

Greenidge Generation Company Profile

Greenidge Generation Holdings Inc is an energy and digital asset company that operates a natural gas–fired power plant alongside an on-site Bitcoin mining facility. The company’s primary business activities include generating electricity for the New York power grid and leveraging that generation capacity to support high-performance cryptocurrency mining. Through these complementary operations, Greenidge seeks to optimize power utilization while capitalizing on growing demand for digital assets.

The company’s core power generation assets are located in Dresden, New York, where it repurposed a former coal-fired plant under Atlas Holdings’ ownership and converted it to a combined-cycle natural gas facility.