Greenidge Generation (NASDAQ:GREE) Stock Price Up 36.6% – Here’s Why

Shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) traded up 36.6% on Tuesday . The stock traded as high as $3.05 and last traded at $2.91. 13,919,182 shares were traded during mid-day trading, an increase of 3,951% from the average daily volume of 343,596 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GREE. Weiss Ratings restated a “sell (d)” rating on shares of Greenidge Generation in a research report on Thursday, July 2nd. Wall Street Zen raised shares of Greenidge Generation to a “hold” rating in a research report on Saturday, June 6th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Greenidge Generation Stock Performance

The firm has a 50 day simple moving average of $1.65 and a 200 day simple moving average of $1.42. The firm has a market cap of $49.06 million, a P/E ratio of 7.66 and a beta of 3.02.

Greenidge Generation (NASDAQ:GREE) last posted its earnings results on Friday, May 15th. The company reported ($0.29) earnings per share for the quarter. The firm had revenue of $20.83 million for the quarter. Greenidge Generation had a negative return on equity of 12.10% and a net margin of 10.38%.

Hedge Funds Weigh In On Greenidge Generation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd lifted its holdings in shares of Greenidge Generation by 38.3% during the 4th quarter. XTX Topco Ltd now owns 36,673 shares of the company’s stock worth $54,000 after acquiring an additional 10,161 shares during the last quarter. Renaissance Technologies LLC increased its stake in Greenidge Generation by 14.2% in the first quarter. Renaissance Technologies LLC now owns 88,300 shares of the company’s stock valued at $97,000 after acquiring an additional 11,000 shares during the last quarter. State Street Corp raised its position in 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. Virtu Financial LLC purchased a new stake in Greenidge Generation during the fourth quarter valued at about $37,000. Finally, Jane Street Group LLC bought a new stake in Greenidge Generation during the fourth quarter worth about $65,000. Hedge funds and other 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.