Greenidge Generation (NASDAQ:GREE) Announces Earnings Results

Greenidge Generation (NASDAQ:GREE) issued its quarterly earnings results on Friday. The company reported ($0.29) earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $20.84 million during the quarter. Greenidge Generation had a negative return on equity of 9.83% and a net margin of 8.99%.

Greenidge Generation Stock Performance

GREE stock traded up $0.02 during midday trading on Friday, reaching $1.47. The company’s stock had a trading volume of 391,695 shares, compared to its average volume of 175,624. The firm has a market capitalization of $23.86 million, a price-to-earnings ratio of 5.44 and a beta of 2.98. Greenidge Generation has a 1 year low of $1.00 and a 1 year high of $2.42. The stock has a fifty day simple moving average of $1.24 and a two-hundred day simple moving average of $1.41.

Hedge Funds Weigh In On Greenidge Generation

Several institutional investors have recently made changes to their positions in GREE. Virtu Financial LLC purchased a new position in shares of Greenidge Generation during the fourth quarter valued at $37,000. XTX Topco Ltd purchased a new position in shares of Greenidge Generation during the second quarter valued at $41,000. Jane Street Group LLC purchased a new position in shares of Greenidge Generation during the fourth quarter valued at $65,000. Renaissance Technologies LLC increased its stake in shares of 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 buying an additional 11,000 shares during the period. Finally, State Street Corp increased its stake in shares of 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 buying an additional 12,700 shares during the period. Hedge funds and other institutional investors own 8.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GREE. Weiss Ratings restated a “sell (d-)” rating on shares of Greenidge Generation in a research report on Thursday, January 22nd. Wall Street Zen lowered Greenidge Generation from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

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.