Gryphon Digital Mining (NASDAQ:GRYP) Trading 15.8% Higher – Here’s Why

Posted by Irma Garcia on Oct 18th, 2024

Gryphon Digital Mining, Inc. (NASDAQ:GRYP – Get Free Report)’s stock price shot up 15.8% during mid-day trading on Wednesday . The company traded as high as $0.68 and last traded at $0.65. 682,668 shares changed hands during mid-day trading, an increase of 111% from the average session volume of 322,987 shares. The stock had previously closed at $0.57.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “neutral” rating on shares of Gryphon Digital Mining in a report on Friday, September 20th.

Get Our Latest Stock Analysis on Gryphon Digital Mining

Gryphon Digital Mining Stock Up 7.1 %

The company has a 50 day moving average of $0.62 and a 200 day moving average of $1.05.

Gryphon Digital Mining (NASDAQ:GRYP – Get Free Report) last posted its quarterly earnings data on Thursday, August 15th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.08. The firm had revenue of $5.52 million during the quarter, compared to analyst estimates of $5.50 million. During the same period in the prior year, the company posted ($10.40) earnings per share. Equities analysts predict that Gryphon Digital Mining, Inc. will post -0.76 earnings per share for the current year.

Hedge Funds Weigh In On Gryphon Digital Mining

A number of hedge funds have recently modified their holdings of the business. SVB Wealth LLC purchased a new position in shares of Gryphon Digital Mining during the 1st quarter worth $68,000. MMCAP International Inc. SPC purchased a new position in Gryphon Digital Mining during the 1st quarter valued at about $877,000. K2 Principal Fund L.P. purchased a new position in Gryphon Digital Mining during the 1st quarter valued at about $971,000. Finally, Murchinson Ltd. purchased a new position in Gryphon Digital Mining during the 1st quarter valued at about $1,175,000. 10.21% of the stock is currently owned by hedge funds and other institutional investors.

Gryphon Digital Mining Company Profile

(Get Free Report)

Gryphon Digital Mining, Inc operates as a bitcoin mining company in the United States. It operates mining computers and ESG-led mining. The company was founded in 2020 and is based in Las Vegas, Nevada.