Greenidge Generation (NASDAQ:GREE) Trading Down 1.7% – Time to Sell?

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

Analysts Set New Price Targets

GREE has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenidge Generation in a research note on Thursday, July 2nd. Wall Street Zen upgraded Greenidge Generation to a “hold” rating in a research note on Saturday, June 6th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Greenidge Generation Stock Performance

The company’s 50 day simple moving average is $1.99 and its 200 day simple moving average is $1.55. The stock has a market cap of $28.66 million, a PE ratio of 4.47 and a beta of 3.02.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC bought a new position in Greenidge Generation during the fourth quarter valued at about $37,000. XTX Topco Ltd purchased a new stake in shares of Greenidge Generation during the 2nd quarter worth approximately $41,000. Jane Street Group LLC bought a new stake in shares of Greenidge Generation in the 4th quarter worth approximately $65,000. Renaissance Technologies LLC grew its holdings in Greenidge Generation by 14.2% during the first quarter. Renaissance Technologies LLC now owns 88,300 shares of the company’s stock valued at $97,000 after purchasing an additional 11,000 shares during the period. Finally, State Street Corp increased its position in Greenidge Generation by 19.1% in the fourth quarter. State Street Corp now owns 79,050 shares of the company’s stock worth $117,000 after buying an additional 12,700 shares during 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.