Greenidge Generation (NASDAQ:GREE) Stock Price Down 2.6% – What’s Next?
by Scott Moore · The Cerbat GemGreenidge Generation Holdings Inc. (NASDAQ:GREE – Get Free Report)’s share price traded down 2.6% on Tuesday . The company traded as low as $1.52 and last traded at $1.52. 111,269 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 267,558 shares. The stock had previously closed at $1.56.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on GREE shares. Wall Street Zen raised Greenidge Generation from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Greenidge Generation in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.
Get Our Latest Stock Report on GREE
Greenidge Generation Stock Down 2.6%
The stock has a market capitalization of $23.38 million, a PE ratio of 18.50 and a beta of 3.23. The firm has a 50 day moving average price of $1.63 and a 200-day moving average price of $1.61.
Greenidge Generation (NASDAQ:GREE – Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of ($0.47) by $1.22. The business had revenue of $26.87 million during the quarter, compared to analyst estimates of $14.00 million.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP boosted its holdings in Greenidge Generation by 14.3% in the third quarter. GSA Capital Partners LLP now owns 135,437 shares of the company’s stock valued at $246,000 after purchasing an additional 16,914 shares during the last quarter. Jane Street Group LLC grew its holdings in Greenidge Generation by 448.8% during the second quarter. Jane Street Group LLC now owns 60,992 shares of the company’s stock worth $79,000 after acquiring an additional 49,878 shares during the period. Finally, XTX Topco Ltd purchased a new position in Greenidge Generation during the second quarter valued at approximately $41,000. 8.50% of the stock is currently owned by institutional investors and hedge funds.
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.