Greenidge Generation (NASDAQ:GREE) Stock Price Up 1.8% – Should You Buy?

Greenidge Generation Holdings Inc. (NASDAQ:GREE)’s share price rose 1.8% during trading on Wednesday . The company traded as high as $1.77 and last traded at $1.68. 802,337 shares traded hands during trading, a decline of 30% from the average daily volume of 1,151,372 shares. The stock had previously closed at $1.65.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Greenidge Generation to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenidge Generation in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Greenidge Generation Stock Performance

The stock has a 50 day simple moving average of $1.90 and a two-hundred day simple moving average of $1.49. The firm has a market cap of $28.32 million, a PE ratio of 4.42 and a beta of 3.02.

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

Institutional Investors Weigh In On Greenidge Generation

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp boosted its holdings in Greenidge Generation by 19.1% during 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 in the last quarter. Renaissance Technologies LLC increased its holdings in Greenidge Generation by 275.2% in the fourth quarter. Renaissance Technologies LLC now owns 77,300 shares of the company’s stock valued at $114,000 after buying an additional 56,700 shares in the last quarter. XTX Topco Ltd raised its position in shares of Greenidge Generation by 38.3% in the fourth 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 period. Jane Street Group LLC purchased a new stake in shares of Greenidge Generation during the 4th quarter worth about $65,000. Finally, Virtu Financial LLC purchased a new stake in shares of Greenidge Generation during the 4th quarter worth about $37,000. Institutional investors and hedge funds 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.