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- 1 Greenidge Generation Holdings Inc (NASDAQ: GREE) stock surged over 26% on July 3.
- 2 GREE stock price soared over 21% weekly and 54% monthly.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) stock surged over 26% on July 3. It opened trading at $2.85, dipped to $2.83, hit a high of $3.78, and closed trading at $3.56 with an intraday trading volume of 1.1 million.
GREE stock added $0.74 on Monday’s trading session, reflecting the increased presence of buyers in the market, compared to sellers. In the 52-week session, the highest trading price of the stock was $48.90, while the lowest was $1.55.
In the past week, GREE stock surged 21.92%, and Greenidge Generation Holdings Inc. stock has reflected an unusual upper movement of 54.78% since the past month. However, in one quarter, stock prices have mirrored a steep decline of 17.78% and a decline of 85.65% in one year.
Technical indicators and analyst ratings of TradingView clearly show further bullishness and point towards buying more of the stock. As per the projections, the annual price target of GREE stock is $20, which is 460% more than the current trading prices.
Greenidge Generation Holdings Inc.’s (NASDAQ: GREE) market capitalization is $113.241 million, and its average volume is 1.023 million. Over 3 million GREE shares are closely held by the company’s financial backers or board of directors, while the remaining 2.942 million shares are free-floating.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) Earnings & Revenue
In Q1 2023, Greenidge Generation Holdings Inc. generated 11.63% less revenue than the estimated figures. The company was predicted to report $17.20 million, but the reported revenue was only $15.02 million.
It is important to note that from Q2 2022 until Q1 2023, Greenidge Generation Holdings Inc. has consistently reported lower revenue than the estimated figures, with the reported revenue of Q3 2022 being the only exception. The total revenue of Q1 2023 consists of $1.60 million, $-5.79 million operating income, -$8.84 million pretax income, and -$8.17 million net income.
The revenue-to-profit conversion of Greenidge Generation Holdings Inc. includes 24% gross profit, -4% Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), -62% Earnings before interest and taxes (EBIT), and 301% net income. The majority of the company’s revenue is generated from the business of cryptocurrency data centers, while the remaining amount derives from power and capacity.
Greenidge Generation Holdings Inc. significantly leads its operations in the United States. In 2022, it generated from cryptocurrency data centers $73.81 million and $16.17 million from power and capacity.
Greenidge Generation Holdings Inc. raised $222.5 million in three funding rounds and is majorly funded by NYDIG and B. Riley Financial (NASDAQ: RILY). The company acquired Support.com on September 14, 2021, for an undisclosed amount.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
