In a turbulent market environment, Support.com's stock has faced significant headwinds, touching a 52-week low of $1.62. With a beta of 3.17, the stock exhibits notably higher volatility than the broader market. This latest price level reflects a stark downturn for the company, which has seen its value erode by -79.33% over the past year. According to InvestingPro analysis, the stock appears undervalued at current levels. Investors have been cautious as the broader market grapples with economic uncertainty, leading to a challenging period for Support.com shares. The 52-week low serves as a critical indicator of the stock's current volatility and the bearish sentiment among investors, who are weighing the company's prospects against a backdrop of ongoing market pressures. InvestingPro has identified 15 additional key investment signals that could help investors make more informed decisions about this volatile stock.
In other recent news, Greenidge Generation Holdings Inc. has announced an expansion to its equity incentive plan, with an increase of 700,000 shares approved by the Board of Directors. This move is part of the Second Amended and Restated 2021 Equity Incentive Plan, and entities controlled by Atlas (NYSE:ATCO) Capital Resources GP LLC have approved this increase. The company has also been granted an extension on the suspension of operations at its Dresden, New York facility until November 14, 2024, amidst a legal dispute over the denial of the facility's Title V Air Permit renewal.
In the financial realm, Greenidge reported a reduction in SG&A expenses by approximately $9.1 million year-to-date compared to the same period in 2023. However, the company reported a net loss from continuing operations of $6.6 million, with an adjusted EBITDA loss of $0.4 million. It ended the quarter with approximately $11.3 million in cash and digital assets, including 60 bitcoin, and around $69.5 million in debt.
In the cryptocurrency mining sector, the company produced approximately 167 bitcoin in the third quarter, with 54 mined through proprietary operations and 113 for datacenter hosting clients. Greenidge's mining fleet consists of approximately 29,000 bitcoin miners, with an estimated total hash rate capacity of 3.1 EH/s. These are recent developments for Greenidge.
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