Greenlane (NASDAQ:GNLN) Trading Up 1.9% – Here’s What Happened

Greenlane Holdings, Inc. (NASDAQ:GNLN) shot up 1.9% during trading on Monday . The company traded as high as $2.63 and last traded at $2.62. 2,885 shares changed hands during trading, a decline of 74% from the average daily volume of 11,041 shares. The stock had previously closed at $2.57.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Greenlane in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Greenlane Trading Up 1.9%

The company has a market cap of $1.65 million, a PE ratio of -0.03 and a beta of 1.89. The business’s 50-day simple moving average is $3.71 and its 200-day simple moving average is $8.30.

Greenlane (NASDAQ:GNLN) last issued its earnings results on Friday, May 15th. The company reported ($1.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1,100,000.00) by $1,099,998.66. Greenlane had a negative net margin of 3,001.59% and a negative return on equity of 234.48%. The company had revenue of $0.45 million during the quarter, compared to analyst estimates of $35.56 million.

Institutional Trading of Greenlane

A hedge fund recently bought a new stake in Greenlane stock. Yorkville Advisors Global LP bought a new stake in Greenlane Holdings, Inc. (NASDAQ:GNLN) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 200,000 shares of the company’s stock, valued at approximately $74,000. Yorkville Advisors Global LP owned approximately 31.75% of Greenlane at the end of the most recent reporting period. 13.96% of the stock is owned by hedge funds and other institutional investors.

Greenlane Company Profile

Greenlane Holdings, Inc is a leading global distributor and direct-to-consumer retailer of premium cannabis consumption accessories and lifestyle products. The company’s portfolio spans hardware such as vaporizers, glassware, rolling papers, storage solutions, and concentrate tools, alongside branded and proprietary offerings designed to meet the evolving needs of both consumers and retail partners in the cannabis and hemp sectors.

Through a multi-channel platform, Greenlane serves a diverse customer base that includes smoke shops, dispensaries, specialty retailers and e-commerce operators.