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Tag: Support.com

  • How Did The SPRT Stock Rise 21% Afterhours?

    At last check, Support.com Inc. (SPRT) shares were up 21.39% to $8.40 in after-hours trading. The SPRT stock closed Tuesday’s session at $6.92, up 2.67%. SPRT closed with a volume of 5.65 million shares, well above the average daily volume of 3.46 million shares in the past 50 days. Since the beginning of the year, Support.com Inc. shares have risen by 373.97%, and the stock has moved up by 53.44% in the past seven days.

    The SPRT stock gained 88.56% over the past three months, but it lost 214.55% over the past six months. Moreover, Support.com Inc. currently has a market capitalization of $148.51 million and has 20.20 million enumerated shares outstanding. SPRT’s stock price rose in the absence of recent news, which allows us to draw more conclusions from recent developments.

    What’s been going on at SPRT Stock?

    A leading provider of customer support and technical support services, Support.com employs home-based employees to deliver services. SPRT has achieved outstanding results for global and top-tier clients for more than 20 years. In addition, SPRT’s omnichannel solutions are designed specifically for Homesourcing environments, resulting in NPS scores that are among the highest in the industry. Using its proprietary cloud-based systems and a highly scalable, global network of home-based employees, Support.com Inc. efficiently meets changing client needs.

    The Russell Stock Index reconstitutes its stock index annually, and Support.com recently joined the Russell Microcap Index as part of the reconstitution.

    • SPRT was added to the index on June 28, 2021.
    • As a member of the Russell Microcap Index, SPRT will automatically be included in the growth and value style indexes for one year.
    • Support.com Inc. membership is determined by market capitalization rankings and the style attributes of SPRT for FTSE Russell indexes.
    • It was an important milestone for Support.com Inc. for its continued development that it was included in the Russell Microcap Index.
    • As part of the broader investment community, the recognition provides Support.com Inc. with added visibility.

    The SPRT stock has gained more than 70 percent since it became a member of the Russell index.

    Launch of new service:

    Support.com also announced new services last month that provide 24/7 on-demand customer support to emerging fintech companies, cryptocurrency and NFT exchanges, wallet OEMs, and cryptocurrency exchanges. By leveraging its proprietary security software and deep institutional knowledge, Support.com Inc. will be able to meet rising market interest and demand for crypto-based customer support solutions, including SPRT’s Cloud Platform and Crypto Concierge service.

    How SPRT will be leveraging its capabilities?

    The Homesourcing model of SPRT combines a secure, cloud-based platform with integrated customer support tools to enable a rapidly scalable, always-on workforce capable of supporting business operations at all times. Support.com hires and onboards experts with the technical knowledge and skills required to support crypto and fintech services without geographical restrictions or brick-and-mortar facilities.

  • Support.com (NASDAQ: SPRT) stock plunged in the premarket trading session; here’s why

    Support.com (NASDAQ: SPRT) stock plunged in the premarket trading session; here’s why

    Support.com Inc. (SPRT stock) shares plunged 9.96% in the premarket trading session to trade at $3.93 at the last check. SPRT stock shed -13.21% to close previous session at $4.27. The SPRT stock is currently valued in the market at $93.30 million and has outstanding shares at 20.20 million.

    All you need to know about Support.com

    Support.com is a software company that specifically focuses on providing support solutions related to software technicalities as well as customer support. This company has a unique operational model where the employees work based from their home and primarily in the United States. The business model of the company consists of outsourcing its services related to the platform of cloud-based technology platforms and customer support. These outsourced services of the SPRT stock draw a client-base of vertical company clients including media, communication, retail, technology and healthcare that consist of voice, chat and self-service type omnichannel programs. The company also provides its outsourced tech support through a subscription option service that is directly applicable to consumers as well as small businesses. This tech support ranges from the medium and channel of smartphones, computers and other connected devices. It additionally gives SUPERAntiSpyware programming, a malware assurance and expulsion programming software; Guided Paths, which contains bit by bit self-support guides, with special focus to help clients settle issues; and service delivery management tools for tech-support, incorporates Support.com cloud-based programming capacities and other contact community applications, for example, client relationship management, guides for installment, and communication, which are coordinated into applications for its contact center trained professionals. The organization offers its types of assistance through partners, and through its site at www.support.com. Support.com, Inc. was consolidated in 1997 and is settled in Wilmington, Delaware.

    What is causing the lawsuit filing and investigations on Support.com?

    Support.com and SPRT stock has been flagged for the past 3 months by class-action lawsuits regarding investigation into the merger that Support.com was a part of. This merger included the acquisition of Support.com by Greenidge Generation Holdings Inc. which is a bitcoin mining company. This merger announcement took place on 22nd March 2021 – on a Monday which caused the trading volume of the SPRT stock to triple on the same day. This trading volume was a 7-year high massive jump to 282.6 million and the stock surged to the moon by a triple digit increase of 231.8% since September 2014.

    This deal allows Greeindge to expect to become the first ever publically traded bitcoin mining company which will have a fully functional and wholly owned power plant. However SPRT stock is trading today at around 4.6 million and has shed -13.21% in stock price due to the investigation into the merger. The investigation seeks to find if the deal truly was done in the favor of shareholders and whether it breached any federal securities law or fiduciary duties.

    The operations of Support.com remain undeterred

    However this has not disrupted business expansion and operational growth of the company as it continues to make transformation adhering to the merger. The company announced on 4th June 2021 that it will be now accepting Bitcoin as payment since it has now launched an On-Demand fintech and cryptocurrency customer support.  This is an exceptional and rare niche to enter into the cryptocurrency space since the market is mainly concentrated in the bitcoin mining space which will require complementary crypto and fintech-services for administrative and operational services.

  • Why Support.com, Inc. (SPRT) stock was falling today?

    Shares of  Support.com, Inc. (SPRT) stock were falling today after the launching of investigations against SPRT by many law firms.SPRT stock price was down by 3.59% to drop at $6.17 a share as of this writing. The SPRT stock was gloomy in the previous open market and its closing price was $6.40 with a 9.86% drop. Let’s see what is happening.

    Investigations against SPRT stock

    Things were gloomy for SPRT stock and the recent announcement of investigations against SPRT stock by law firms contributed more pain to the falling stock price. Law firms including Bragar Eagel & Squire, P.C., Rigrodsky Law, P.A.Halper Sadeh LLP, and Moore Kuehn, PLLC have recently launched investigations against Support.com to investigate whether the SPRT has violated federal securities law, or its board of members breached their fiduciary duties in connection to Support’s proposed merger with Greenidge Generation Holdings Inc. The law firms have encouraged the shareholder to contact them to learn more about investigations and their rights.

    Merger Agreement

    On March 22, 2021, Support.com did sign a merger agreement with bitcoin mining company Greenidge Generation Holdings Inc according to which, SPRT shareholders would receive 0.124 shares of Greenidge common stock for every owned share of Support.com common stock. In response to that merger agreement, Support.com shares were traded on massive volumes on March 22, 2021, and the per-share price soared by 231.8%, the highest rise since September 2014.

    Financial Overview

    In the third quarter of 2020, SPRT stock generated $10.3 million in revenue which was 32 percent less than the same quarter of the prior year. The loss was mainly due to the migration of its services to another country. At the end of the third quarter, SPRT stock had $29.7 million cash equivalents and short-term investments as compared to $44.8 million at the same time of 2019.

    Conclusion

    Things are going against the SPRT stock as far as market sentiment is concerned. Let’s see how the management of Support.com will react to these investigations. If things become settle, then there are chances for the SPRT stock to perform well in the future. Hence investors need to be aware of any single circumstance related to SPRT stock.

  • Support.com (SPRT) stock surged more than 200% in the premarket; Here’s why

    The support.com stock had plunged 1.38% in the market when it closed at $2.14. However, the pre-market price of the stock is a completely different story as it soared by more than 200%.

    The reason that could most definitely be behind this soar is the announcement of merger between Greenidge Generation Holdings and Sport.com.

    Glimpse of the two merging companies

    Support.com Inc. is an information technology support company that provides its services to private individual clients as well as businesses. The company is headquartered in Delaware and particularly provides services for the software platform of Android, macOS, iOS, and Windows supporting gadgets.

    Greenidge Generation Holdings Inc. is a holding company that includes Greenidge Generation LLC which is the holding company’s subsidiary. This subsidiary specifically focuses on an integrated bitcoin mining operations. It also has a power generating facility present in Upstate New York. The Holding company also has a 106MW natural gas plant, allowing it to continue its subsidiary operations at low power costs due to owning and access to a vast natural gas reserve in North America.

    Why this merger is significant

    The Greenidge Generations Holdings Inc. has announced that it will be a part of the NASDAQ listed companies thanks to merger with the IT Company. This merger is done specifically through definitive agreement of a stock-for-stock transaction where both parties have given approvals.

    The merger upon its completion will make Support.com a part of the subsidiary family of Greenidge Generations Holdings Inc. Greenidge’s decision to acquire Support.com seems to be motivated by the fact that it wants to expand the IT-base tech assistance to accelerate its mining capacity. Greenidge will become the only U.S. public company operating a vertically integrated mining operation and power generation system.

    Support.com will reinforce the operational stability of Greenidge

    This is what makes Greenidge unqiue, because it has the combination of owning a power generation system to provide power to its own mining equipment’s operations. This is something that other mining companies have to rely on third-parties for. The company’s operational fundamentals are steady due to low fixed costs for both mining operations and as well power generational functions.

    According to the financial adjustments relating to this merger, Support.com will provide an additional cash balance to Greenidge. The merger is expected to be closed at $33 million. The merger will be closed in the third quarter of this year and will have combined net cash of at least $70 million dollar.

    Furthermore, 210 Capital LLC has decided to acquire approximately 3.9 million shares of Support.com under the condition that this merger carries out. This has now updated the current outstanding stock of Support.com to approximately 23.6 million shares.