Greenidge Generation (NASDAQ:GREE) Stock Falls 1.6% – Here’s Why

Shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) traded down 1.6% during trading on Wednesday. The company traded as low as $1.85 and last traded at $1.87. Approximately 103,703 shares were traded during trading, a decline of 91% from the average daily volume of 1,151,372 shares. The stock had previously closed at $1.90.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GREE. Weiss Ratings reissued a “sell (d)” rating on shares of Greenidge Generation in a research report on Thursday, July 2nd. Wall Street Zen upgraded shares of Greenidge Generation to a “hold” rating in a research report on Saturday, June 6th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has an average rating of “Sell”.

Greenidge Generation Trading Down 0.6%

The stock has a 50-day simple moving average of $1.98 and a 200 day simple moving average of $1.62. The stock has a market capitalization of $29.16 million, a price-to-earnings ratio of 4.55 and a beta of 3.02.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Greenidge Generation stock. Renaissance Technologies LLC boosted its stake in Greenidge Generation Holdings Inc. (NASDAQ:GREE) by 14.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 88,300 shares of the company’s stock after buying an additional 11,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.54% of Greenidge Generation worth $97,000 at the end of the most recent quarter. 8.50% of the stock is owned by hedge funds and other institutional investors.

About Greenidge Generation

Greenidge Generation Holdings Inc is a vertically integrated cryptocurrency mining and power generation company headquartered in the United States. The company primarily operates data centers that use specialized computing equipment to mine bitcoin, while also owning and operating power-generation infrastructure intended to support its mining activities.

Greenidge’s operations are centered on its power-generation facility in Dresden, New York. The former coal-fired plant was converted to natural gas before the company expanded into cryptocurrency mining.