Greenlane Holdings (NASDAQ:GNLN) has been assigned an average rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $3.83.
GNLN has been the topic of a number of research reports. Zacks Investment Research lowered shares of Greenlane from a “buy” rating to a “hold” rating and set a $3.50 price target on the stock. in a report on Wednesday, August 12th. BidaskClub lowered shares of Greenlane from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 18th. Northland Securities reissued a “buy” rating on shares of Greenlane in a report on Friday, August 7th. Finally, Canaccord Genuity restated a “buy” rating and issued a $4.00 target price on shares of Greenlane in a research note on Thursday, August 20th.
In other news, CEO Aaron Locascio sold 37,267 shares of the company’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $3.72, for a total value of $138,633.24. Following the completion of the sale, the chief executive officer now directly owns 19,108 shares of the company’s stock, valued at approximately $71,081.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Schoenfeld sold 13,174 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $2.53, for a total value of $33,330.22. Following the completion of the sale, the insider now directly owns 37,826 shares of the company’s stock, valued at $95,699.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,441 shares of company stock worth $434,043. Corporate insiders own 83.59% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in Greenlane by 54.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 26,666 shares of the company’s stock worth $106,000 after purchasing an additional 9,401 shares in the last quarter. AdvisorShares Investments LLC increased its stake in Greenlane by 9.2% during the 1st quarter. AdvisorShares Investments LLC now owns 183,441 shares of the company’s stock worth $316,000 after purchasing an additional 15,505 shares in the last quarter. Healthcare Value Capital LLC increased its stake in Greenlane by 11.1% during the 2nd quarter. Healthcare Value Capital LLC now owns 250,000 shares of the company’s stock worth $995,000 after purchasing an additional 25,000 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in Greenlane during the 1st quarter worth approximately $48,000. Finally, BlackRock Inc. increased its stake in Greenlane by 5.7% during the 1st quarter. BlackRock Inc. now owns 540,742 shares of the company’s stock worth $930,000 after purchasing an additional 29,011 shares in the last quarter. 4.73% of the stock is owned by institutional investors.
NASDAQ GNLN opened at $2.31 on Wednesday. Greenlane has a 12-month low of $1.02 and a 12-month high of $4.65. The stock has a market capitalization of $216.41 million, a PE ratio of -1.52 and a beta of 2.08. The company has a quick ratio of 2.72, a current ratio of 4.42 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average price of $2.99 and a two-hundred day moving average price of $2.78.
Greenlane (NASDAQ:GNLN) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). Greenlane had a negative net margin of 10.64% and a negative return on equity of 16.22%. The firm had revenue of $32.40 million during the quarter, compared to the consensus estimate of $32.40 million. As a group, equities analysts anticipate that Greenlane will post -0.48 EPS for the current year.
Greenlane Company Profile
Greenlane Holdings, Inc distribute consumption accessories and vaporization products to wholesale and retail customers in the United States and Canada. The company offers vaporizers and parts, cleaning products, grinders and storage containers, pipes, rolling papers, and customized lines of specialty packaging.
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