Greenidge Generation (NASDAQ:GREE) Shares Down 1.6% – Should You Sell?

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Greenidge Generation in a report on Thursday, July 2nd. Wall Street Zen raised 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, According to data from MarketBeat, Greenidge Generation currently has an average rating of “Sell”.

Greenidge Generation Stock Down 1.6%

The company has a market capitalization of $31.52 million, a P/E ratio of 4.92 and a beta of 3.02. The business has a 50 day simple moving average of $1.98 and a 200-day simple moving average of $1.62.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Greenidge Generation stock. Renaissance Technologies LLC raised its holdings in shares of Greenidge Generation Holdings Inc. (NASDAQ:GREE) by 14.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,300 shares of the company’s stock after acquiring an additional 11,000 shares during the period. Renaissance Technologies LLC owned approximately 0.54% of Greenidge Generation worth $97,000 as of its most recent SEC filing. 8.50% of the stock is owned by 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.