Greenlane Holdings, Inc. (NASDAQ:GNLN) Stock Short Interest Drops 48.9%

Greenlane Holdings, Inc. (NASDAQ:GNLN) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totaling 8,837 shares, a decrease of 48.9% from the September 30th total of 17,285 shares. Approximately 1.5% of the company’s shares are short sold. Based on an average daily volume of 30,008 shares, the days-to-cover ratio is currently 0.3 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Greenlane in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, Greenlane presently has an average rating of “Sell”.

Greenlane Price Performance

NASDAQ GNLN traded down $0.04 during trading on Friday, reaching $1.63. 11,454 shares of the company’s stock were exchanged, compared to its average volume of 22,844. The business has a 50 day moving average price of $2.56 and a 200-day moving average price of $4.18. The stock has a market capitalization of $1.12 million, a P/E ratio of -0.03 and a beta of 2.05. Greenlane has a fifty-two week low of $1.51 and a fifty-two week high of $27.92.

Greenlane (NASDAQ:GNLN) last released its quarterly earnings results on Friday, August 14th. The company reported ($6.06) earnings per share for the quarter, topping the consensus estimate of ($1,100,000.00) by $1,099,993.94. Greenlane had a negative return on equity of 282.11% and a negative net margin of 4,630.56%. The business had revenue of $0.08 million during the quarter, compared to analysts’ expectations of $35.56 million.

Institutional Trading of Greenlane

An institutional investor recently bought a new position in Greenlane stock. Yorkville Advisors Global LP purchased a new stake in Greenlane Holdings, Inc. (NASDAQ:GNLN) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 200,000 shares of the company’s stock, valued at approximately $74,000. Yorkville Advisors Global LP owned 31.75% of Greenlane as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 13.96% of the company’s stock.

Greenlane Company Profile

Greenlane Holdings, Inc is a cannabis ancillary-products company that has historically operated as a distributor, retailer and developer of branded products for the cannabis and lifestyle markets. The company has focused on products that support the consumption, storage and presentation of cannabis and related goods, rather than cultivating or selling cannabis itself.

Greenlane’s product offerings have included vaporizers, glassware, smoking accessories, packaging and other consumer products.