GREE Stock: Why It Substantially Increased Today

By Amit Chowdhry ● Sep 29, 2021
  • The stock price of Greenidge Generation Holdings Inc (NASDAQ: GREE) increased by over 20% during intraday trading. This is why it happened.

The stock price of Greenidge Generation Holdings Inc (NASDAQ: GREE) increased by over 20% during intraday trading. Investors are responding positively to a bullish research report.

B. Riley initiated coverage of the bitcoin mining company with a “Buy” rating and a $78 price target. The $78 price target imputes a 228% upside to the previous close.

B. Riley analyst Lucas Pipes wrote that Greenidge is known as a leading digital asset miner that is scaling rapidly at its vertically integrated New York operations. Plus it has a further medium- and long-term growth runway through its Spartanburg, South Carolina facility. 

Going forward, Pipes believes that Greenidge will deploy an additional 5,386 miners this year and another 18,300 miners next year. And the company will be able to fund this growth using cash on hand, free cash flow, and borrowings.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.