Greenidge Generation outperformed other crypto miners, as the Wall Street firm B. Riley hiked the company’s price target and earnings estimates citing its expansion plans.

Greenidge shares (GREE) rose more than 6%, while most crypto miners were down on Tuesday, making the stock’s share price jump all the more notable.
The miner said on Oct. 25 that it is eyeing expansion into Texas and buying a site in South Carolina, as well as doubling its recent order of S19j Pro mining machines from Bitmain to 22,500 units, bringing the total order to 29,000 miners.
The company, which merged with Support.com to go public, also said that it now expects to have an electrical capacity of over 500 megawatts by 2023. The company previously forecast reaching the capacity by 2025.
In a research note, B. Riley analyst Lucas Pipes raised his 2022 adjusted EBITDA estimate for Greenidge to $150.7 million from prior expectations of $115.2 million, citing its larger order for miners, and raised the company’s 12-month price target to $82 per share from $78.
Pipes, who has a buy rating on the stock, also expects the miner to earn adjusted EBITDA of $240.2 million in 2023, a 59% increase from the prior year’s estimate.
B. Riley initiated coverage of Greenidge on Sept. 29, saying the miner’s “low probability of equity dilution is a key differentiation from the peer group.”

Can Miners Survive Lower Bitcoin Fees and Reduced Rewards?

04:20

Bitcoin Miner Bitfarms Warns of Default

01:17

How Bitcoin Mining Got 'Even More Competitive' In 2022: Analyst

01:00

Bitcoin Outperforming Crypto Stocks This Year

07:43

Stronghold Digital CEO on State of Bitcoin Mining Amid FTX Fallout

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

02

17

30

14

Greenidge Outperforms Peers as B. Riley Analyst Sees Higher Earnings Potential

The analyst raised the crypto miner’s 12-month price target to $82 from $78 and 2022 earnings estimates.

Can Miners Survive Lower Bitcoin Fees and Reduced Rewards?

10 Years of Decentralizing the Future

Can Miners Survive Lower Bitcoin Fees and Reduced Rewards?