Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.68% net of fees compared to a 3.98% return for the ICE BofA US High Yield Index. Also, the fund outperformed the S&P 500 Index which returned -7.56% in the quarter. The strategy was -23.61% down in 2022. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Miller Value Partners highlighted stocks like Greenidge Generation Holdings Inc. (NASDAQ:GREE) in the Q4 2022 investor letter. Based in Fairfield, Connecticut, Greenidge Generation Holdings Inc. (NASDAQ:GREE) operates as a cryptocurrency data center and power generation company. On January 20, 2023, Greenidge Generation Holdings Inc. (NASDAQ:GREE) stock closed at $0.9268 per share. One-month return of Greenidge Generation Holdings Inc. (NASDAQ:GREE) was 270.72%, and its shares lost 91.93% of their value over the last 52 weeks. Greenidge Generation Holdings Inc. (NASDAQ:GREE) has a market capitalization of $41.464 million.
Miller Value Partners made the following comment about Greenidge Generation Holdings Inc. (NASDAQ:GREE) in its Q4 2022 investor letter:
“Greenidge Generation Holdings Inc. (NASDAQ:GREE) 8.5% 10/31/26 fell as the strategy ultimately exited its position in the Bitcoin miner during the quarter. Greenidge reported 3Q22 revenue of $29.4MM, -17.9% Y/Y, and an Adjusted EBITDA loss of -$2.3MM, compared to 3Q21 EBITDA of $21.2MM. The company produced 866 bitcoin in the quarter, +18.8% Y/Y, while achieving a mining capacity hash rate of 2.4 exahash per second (EH/s), compared to a 3Q21 hash rate capacity of 1.2 EH/s. The price of Bitcoin fell another -14.9% in the quarter to $16.5K as of 12/31/22, which has generated further uncertainty regarding the miner’s ability to continue as a going concern, with management noting in the 3Q22 earnings release that it will continue to discuss potential asset sales to further enhance its liquidity position, which stood at ~$39MM as of 9/30/22.”
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Greenidge Generation Holdings Inc. (NASDAQ:GREE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Greenidge Generation Holdings Inc. (NASDAQ:GREE) at the end of the third quarter which was 4 in the previous quarter.
We discussed Greenidge Generation Holdings Inc. (NASDAQ:GREE) in another article and shared the list of top Bitcoin mining companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
