Greenidge Generation (NASDAQ:GREE) Shares Down 2.6% – Should You Sell?

Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s stock price was down 2.6% during mid-day trading on Tuesday . The company traded as low as $1.52 and last traded at $1.52. Approximately 111,269 shares were traded during trading, a decline of 58% from the average daily volume of 267,558 shares. The stock had previously closed at $1.56.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GREE. Weiss Ratings restated a “sell (d-)” rating on shares of Greenidge Generation in a report on Wednesday, October 8th. Wall Street Zen raised shares of Greenidge Generation from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Greenidge Generation presently has a consensus rating of “Sell”.

Greenidge Generation Stock Performance

The firm has a fifty day moving average of $1.64 and a 200 day moving average of $1.61. The firm has a market capitalization of $24.02 million, a PE ratio of 19.00 and a beta of 3.23.

Greenidge Generation (NASDAQ:GREE) last issued its quarterly earnings data on Thursday, November 13th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $1.22. The firm had revenue of $26.87 million during the quarter, compared to analyst estimates of $14.00 million.

Institutional Investors Weigh In On Greenidge Generation

A number of large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in Greenidge Generation during the 2nd quarter worth $41,000. Jane Street Group LLC increased its position in shares of 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 last quarter. Finally, GSA Capital Partners LLP increased its position in shares of Greenidge Generation by 14.3% during the third quarter. GSA Capital Partners LLP now owns 135,437 shares of the company’s stock worth $246,000 after acquiring an additional 16,914 shares during the last quarter. 8.50% of the stock is 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.