Greenidge Generation stock outpaces peers as B. Riley raises price target

Greenidge Generation Holdings (NASDAQ:GREE) climbs 2.0%, outpacing other cryptocurrency miners in trading on Tuesday, perhaps helped by a note from B. Riley Financial that boosted its earnings estimates and price target. B. Riley analyst Lucas N. Pipes raises his price target to $82 from $78 and now expects 2022 adjusted EBITDA of $150.7M, up from his prior estimate of $115.2M after Greenidge (GREE) detailed its expansion plans last week. For 2023, he expects adjusted EBITDA of $240.2M. The company is financing most of its expansion plans with cash on hand, including proceeds of its recent $55.2M senior notes offering, Pipes said. "We believe the successful raise of unsecured notes was an important milestone for the company and industry at large," he wrote in a note dated Oct. 25. Greenidge's (GREE) trading activity Tuesday: While the one-day price movement bucks the downward trend in most crypto miner stocks today, over a one-month