- NASDAQ:GREE sank lower by 3.48% on Wednesday.
- Retail investors take note as the short percentage on GREE rises higher.
- GREE most likely has lower to fall in the short-term as meme stocks fall out of favor.
NASDAQ:GREE has extended its losing streak to five straight sessions now since its reverse stock split and merger with Support.com last week. The stock has not been able to live up to the meme stock status of Support.com which saw its shares surge when the merger was announced. On Wednesday, shares of GREE fell by a further 3.48% and closed the trading day at $29.09. Shares of Greenidge Generation have now fallen by over 35% during the past five days, and 85% during the past month of trading. The broader markets rallied on Wednesday following the sell off on Monday that hit markets all over the world.
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Greenidge Generation’s short percentage was the hot topic across social media on Wednesday. Some believe that GREE’s short percentage is the highest of any meme stock on Wall Street sitting at just about 68%. In an environment where retail investors search more for short percentage rather than business fundamentals, it is no surprise that this caught the eye of those seeking out short squeezes. GREE’s short percentage is higher than other meme stocks like Workhorse Group (NASDAQ:WKHS), SmileDirectClub (NASDAQ:SDC), and Nikola Motors (NASDAQ:NKLA).
SPRT stock forecast
Meme stocks have been out of favor as of late despite a small bounce back on Wednesday. Still, if the recent merger of Meta Materials (NASDAQ:MMAT) with Torchlight Resources is any indication of how meme stock mergers perform, then GREE shareholders may have some more downside in the near future. Greenidge Generation is trying to capitalize on the latest trends of cryptocurrency mining and renewable energy, but there is no certainty that this will spell success for the stock.
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