Greenidge Generation (NASDAQ:GREE) Shares Down 3.6% – Here’s Why

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

Analyst Upgrades and Downgrades

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

Greenidge Generation Stock Performance

The company has a market capitalization of $16.91 million, a price-to-earnings ratio of 13.38 and a beta of 3.22. The firm has a fifty day moving average price of $1.29 and a 200-day moving average price of $1.56.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC bought a new position in Greenidge Generation in the 4th quarter valued at approximately $37,000. XTX Topco Ltd acquired a new stake in Greenidge Generation during the 2nd quarter worth about $41,000. Jane Street Group LLC bought a new stake in Greenidge Generation in the fourth quarter worth approximately $65,000. Renaissance Technologies LLC increased its stake 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 valued at $114,000 after acquiring an additional 56,700 shares in the last quarter. Finally, State Street Corp increased its stake in Greenidge Generation by 19.1% in 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. 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.