Greenidge Generation (NASDAQ:GREE) Shares Down 1.7% – Here’s Why

Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s stock price dropped 1.7% during trading on Wednesday . The company traded as low as $1.67 and last traded at $1.70. 112,662 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,151,372 shares. The stock had previously closed at $1.73.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Greenidge Generation to a “hold” rating in a research report on Saturday, June 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of Greenidge Generation in a research report on Thursday, July 2nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, Greenidge Generation presently has a consensus rating of “Sell”.

Greenidge Generation Stock Up 6.5%

The business’s 50-day simple moving average is $1.99 and its 200 day simple moving average is $1.56. The firm has a market capitalization of $30.51 million, a P/E ratio of 4.76 and a beta of 3.02.

Hedge Funds Weigh In On Greenidge Generation

A number of large investors have recently added to or reduced their stakes in the business. XTX Topco Ltd boosted its position in Greenidge Generation by 38.3% during the fourth quarter. XTX Topco Ltd now owns 36,673 shares of the company’s stock valued at $54,000 after buying an additional 10,161 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Greenidge Generation by 14.2% in the first quarter. Renaissance Technologies LLC now owns 88,300 shares of the company’s stock worth $97,000 after buying an additional 11,000 shares during the period. State Street Corp lifted its stake in shares of Greenidge Generation by 19.1% in the 4th quarter. State Street Corp now owns 79,050 shares of the company’s stock valued at $117,000 after acquiring an additional 12,700 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Greenidge Generation in the 4th quarter valued at about $37,000. Finally, Jane Street Group LLC purchased a new stake in Greenidge Generation during the 4th quarter valued at about $65,000. Hedge funds and other institutional investors own 8.50% of the company’s stock.

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.