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

Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s share price traded down 2.6% during trading on Tuesday . The company traded as low as $1.52 and last traded at $1.52. 111,269 shares traded hands during 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

GREE has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Greenidge Generation in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Greenidge Generation from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Greenidge Generation Trading Down 2.6%

The stock has a market capitalization of $24.02 million, a price-to-earnings ratio of 19.00 and a beta of 3.23. The business has a 50 day simple moving average of $1.64 and a 200-day simple moving average of $1.61.

Greenidge Generation (NASDAQ:GREE) last announced its quarterly earnings data 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 company had revenue of $26.87 million for the quarter, compared to analysts’ expectations of $14.00 million.

Institutional Trading of Greenidge Generation

Several institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP increased its holdings in shares of Greenidge Generation by 14.3% during the 3rd quarter. GSA Capital Partners LLP now owns 135,437 shares of the company’s stock worth $246,000 after buying an additional 16,914 shares during the last quarter. Jane Street Group LLC grew its position in Greenidge Generation by 448.8% during 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 during the period. Finally, XTX Topco Ltd acquired a new stake in Greenidge Generation during the second quarter worth about $41,000. 8.50% of the stock is owned by hedge funds and other institutional investors.

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.