Greenidge Generation (NASDAQ:GREE) Stock Price Down 14.1% – Here’s What Happened

Shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) dropped 14.1% on Tuesday . The stock traded as low as $1.2750 and last traded at $1.28. Approximately 909,472 shares changed hands during trading, an increase of 336% from the average daily volume of 208,705 shares. The stock had previously closed at $1.49.

Wall Street Analyst Weigh In

GREE has been the subject of several research analyst reports. Wall Street Zen lowered shares of Greenidge Generation from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Greenidge Generation in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Greenidge Generation has an average rating of “Sell”.

Greenidge Generation Price Performance

The firm has a market capitalization of $20.94 million, a price-to-earnings ratio of 3.39 and a beta of 2.98. The firm has a 50 day moving average price of $1.23 and a 200-day moving average price of $1.39.

Greenidge Generation (NASDAQ:GREE) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.29) EPS for the quarter. Greenidge Generation had a net margin of 10.38% and a negative return on equity of 12.10%. The business had revenue of $20.84 million during the quarter.

Hedge Funds Weigh In On Greenidge Generation

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in Greenidge Generation during the 4th quarter worth approximately $37,000. XTX Topco Ltd acquired a new position in Greenidge Generation during the 2nd quarter worth approximately $41,000. Jane Street Group LLC acquired a new position in Greenidge Generation during the 4th quarter worth approximately $65,000. Renaissance Technologies LLC increased its position in Greenidge Generation by 275.2% during the 4th quarter. Renaissance Technologies LLC now owns 77,300 shares of the company’s stock worth $114,000 after purchasing an additional 56,700 shares during the period. Finally, State Street Corp increased its position in Greenidge Generation by 19.1% during the 4th quarter. State Street Corp now owns 79,050 shares of the company’s stock worth $117,000 after purchasing an additional 12,700 shares during the period. 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.