What's Going On With Greenidge Generation Shares Monday?

Benzinga · 10/14 17:33

Greenidge Generation Holdings Inc. (NASDAQ:GREE) shares are trading higher on Monday after the company announced preliminary 2024 third quarter financial and operating results.

The Details: On the financial side, the company announced revenue of $12.4 million, adjusted EBITDA loss of $0.4 million and net loss from continuing operations of $6.6 million.

Greenidge provided a detailed breakdown of its revenue sources. The company generated $3.3 million from cryptocurrency mining, $6.5 million from datacenter hosting and $2.6 million from power and capacity services.

The company has continued its efforts to reduce its selling, general and administrative (SG&A) expenses. Greenidge Generation’s SG&A expenses for the first three quarters of 2024 are $13.6 million compared to $22.7 million for the first three quarters of 2023.

What Else: Greenidge Generation produced 167 Bitcoin (CRYPTO: BTC) throughout the third quarter. The company said 54 of the 167 bitcoin was “produced by proprietary cryptocurrency mining.” The remaining bitcoin was produced for datacenter hosting clients.

How To Buy Greenidge Generation Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Greenidge Generation (NASDAQ:GREE)'s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

GREE Price Action: At the time of publication, Greenidge stock is trading 6.18% higher at $2.26 per data from Benzinga Pro.

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