Greenidge Generation (NASDAQ:GREE) Trading Down 1.6% – Time to Sell?

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

Analyst Ratings Changes

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

Greenidge Generation Stock Down 1.6%

The stock’s 50-day moving average price is $1.98 and its 200 day moving average price is $1.62. The firm has a market cap of $31.52 million, a price-to-earnings ratio of 4.92 and a beta of 3.02.

Institutional Trading of Greenidge Generation

An institutional investor recently raised its position in Greenidge Generation stock. Renaissance Technologies LLC lifted its position in shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) by 14.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 88,300 shares of the company’s stock after acquiring 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 reporting period. Institutional investors and hedge funds own 8.50% of the company’s stock.

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.