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Seeking Alpha 2021-09-29 17:58:58

Greenidge Generation stock rises 13% after B. Riley assigns Buy rating

Greenidge Generation (NASDAQ:GREE) stock climbs 13% after B. Riley Financial analyst Lucas Pipes initiates coverage with a Buy rating, as the bitcoin miner's merger with Support.com provides an opportunity to accelerate growth in the rapidly growing digital mining industry. Pipes points out that Greenidge's (GREE) Dresden site is one of the few bitcoin mining operations in the U.S. that doesn't rely on third-party sources for its electricity. "This vertical integration, in our opinion, is a competitive advantage and the main driver of the company’s industry-leading cost position," the analyst writes in a note to clients. He also expects the company to fund its expansion plans with cash on hand, free cash flow, and borrowing, avoiding the need for equity financing. Sets 12-month price target of $78, based on a 13x enterprise value/EBITDA multiple on B. Riley's 2023 EBITDA estimate of $226M. See Greenidge (GREE) stock activity over the past five sessions in

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Greenidge Generation stock rises 13% after B. Riley assigns Buy rating

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