Greenlane Holdings (NASDAQ:GNLN) Given Consensus Rating of “Hold” by Analysts

Shares of Greenlane Holdings (NASDAQ:GNLN) have earned a consensus rating of “Hold” from the six research firms that are covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $4.33.

Several brokerages have issued reports on GNLN. Canaccord Genuity reiterated a “buy” rating and set a $4.00 target price on shares of Greenlane in a research report on Monday, June 8th. Zacks Investment Research downgraded shares of Greenlane from a “hold” rating to a “sell” rating in a report on Wednesday, July 8th. BidaskClub cut Greenlane from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Finally, Northland Securities assumed coverage on Greenlane in a research note on Friday, June 5th. They set a “buy” rating and a $5.00 price target for the company.

Shares of GNLN stock opened at $3.86 on Tuesday. Greenlane has a 52-week low of $1.02 and a 52-week high of $9.68. The business’s fifty day moving average is $3.54 and its 200 day moving average is $2.71. The company has a current ratio of 4.50, a quick ratio of 2.66 and a debt-to-equity ratio of 0.12.

Greenlane (NASDAQ:GNLN) last announced its earnings results on Thursday, June 4th. The company reported ($0.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.43). Greenlane had a negative return on equity of 13.44% and a negative net margin of 8.32%. The business had revenue of $33.87 million during the quarter, compared to the consensus estimate of $32.52 million. As a group, equities research analysts predict that Greenlane will post -0.5 earnings per share for the current year.

In other news, CEO Aaron Locascio sold 37,267 shares of the firm’s stock in a transaction dated Friday, July 17th. The stock was sold at an average price of $3.72, for a total transaction of $138,633.24. Following the transaction, the chief executive officer now directly owns 19,108 shares of the company’s stock, valued at $71,081.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 83.59% of the company’s stock.

A number of hedge funds have recently made changes to their positions in GNLN. Nuveen Asset Management LLC bought a new position in shares of Greenlane in the first quarter worth approximately $48,000. Goldman Sachs Group Inc. bought a new stake in Greenlane in the 4th quarter worth $387,000. State Street Corp increased its position in shares of Greenlane by 83.9% in the first quarter. State Street Corp now owns 132,494 shares of the company’s stock valued at $228,000 after acquiring an additional 60,463 shares during the period. AdvisorShares Investments LLC raised its stake in shares of Greenlane by 9.2% during the first quarter. AdvisorShares Investments LLC now owns 183,441 shares of the company’s stock valued at $316,000 after acquiring an additional 15,505 shares during the last quarter. Finally, Healthcare Value Capital LLC boosted its holdings in shares of Greenlane by 28.6% during the first quarter. Healthcare Value Capital LLC now owns 225,000 shares of the company’s stock worth $387,000 after purchasing an additional 50,000 shares during the period. Hedge funds and other institutional investors own 5.17% of the company’s stock.

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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