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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.
By Aoyon Ashraf
Updated May 11, 2023, 5:49 p.m. Published Oct 26, 2021, 5:18 p.m.
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.”
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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