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

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

Wall Street Analyst Weigh In

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

Greenidge Generation Price Performance

The company has a market cap of $28.66 million, a PE ratio of 4.47 and a beta of 3.02. The company has a fifty day moving average price of $1.99 and a 200 day moving average price of $1.55.

Hedge Funds Weigh In On Greenidge Generation

Large investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new stake in Greenidge Generation during the 4th quarter valued at $37,000. XTX Topco Ltd bought a new stake in Greenidge Generation during the 2nd quarter valued at approximately $41,000. Jane Street Group LLC purchased a new stake in Greenidge Generation in the fourth quarter worth $65,000. Renaissance Technologies LLC grew its position in shares of Greenidge Generation by 275.2% in the 4th quarter. Renaissance Technologies LLC now owns 77,300 shares of the company’s stock worth $114,000 after buying an additional 56,700 shares during the period. Finally, State Street Corp increased its stake 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 valued at $117,000 after purchasing an additional 12,700 shares in the last quarter. Hedge funds and other institutional investors own 8.50% of the company’s stock.

About Greenidge Generation

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.