Greenidge Generation (NASDAQ:GREE) Shares Down 3.6% – Should You Sell?

Shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) traded down 3.6% during mid-day trading on Monday . The company traded as low as $1.03 and last traded at $1.07. 233,520 shares changed hands during trading, an increase of 30% from the average session volume of 179,131 shares. The stock had previously closed at $1.11.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wall Street Zen lowered Greenidge Generation from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Greenidge Generation in a research report on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Greenidge Generation has an average rating of “Sell”.

Greenidge Generation Trading Down 5.5%

The company has a market cap of $16.43 million, a P/E ratio of 13.00 and a beta of 3.22. The business’s 50 day simple moving average is $1.27 and its 200 day simple moving average is $1.55.

Greenidge Generation (NASDAQ:GREE) last posted its quarterly earnings results on Tuesday, March 31st. The company reported $0.19 earnings per share for the quarter. The firm had revenue of $12.34 million during the quarter.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. XTX Topco Ltd purchased a new stake in Greenidge Generation in the 2nd quarter worth $41,000. Jane Street Group LLC lifted its position in shares of Greenidge Generation by 448.8% in the second quarter. Jane Street Group LLC now owns 60,992 shares of the company’s stock valued at $79,000 after acquiring an additional 49,878 shares in the last quarter. GSA Capital Partners LLP lifted its position in shares of 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 acquiring an additional 16,914 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Greenidge Generation by 275.2% in the fourth quarter. Renaissance Technologies LLC now owns 77,300 shares of the company’s stock worth $114,000 after acquiring an additional 56,700 shares during the period. Finally, State Street Corp grew its position in shares of Greenidge Generation by 19.1% during the fourth quarter. State Street Corp now owns 79,050 shares of the company’s stock worth $117,000 after purchasing an additional 12,700 shares in the last quarter. 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.