Short Interest in Greenlane Holdings, Inc. (NASDAQ:GNLN) Drops By 18.1%

Greenlane Holdings, Inc. (NASDAQ:GNLNGet Rating) was the recipient of a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 3,700,000 shares, a decrease of 18.1% from the May 31st total of 4,520,000 shares. Based on an average trading volume of 2,460,000 shares, the short-interest ratio is currently 1.5 days.

GNLN has been the subject of several research analyst reports. Canaccord Genuity Group reduced their price objective on Greenlane from $5.00 to $2.00 and set a “speculative buy” rating for the company in a research note on Friday, March 11th. Alliance Global Partners lowered their target price on shares of Greenlane from $3.00 to $2.00 in a research note on Thursday, March 31st. Cowen cut their price target on Greenlane from $5.00 to $2.00 in a research note on Friday, April 1st. Finally, Canaccord Genuity Group lowered their price target on Greenlane from $2.00 to $1.00 and set a “buy” rating on the stock in a research report on Friday, April 1st. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $3.22.

Shares of GNLN traded down $0.00 during mid-day trading on Tuesday, reaching $0.20. The stock had a trading volume of 5,150 shares, compared to its average volume of 2,827,733. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.54 and a quick ratio of 0.65. The business’s fifty day moving average is $0.29 and its 200 day moving average is $0.53. Greenlane has a 52-week low of $0.19 and a 52-week high of $4.68. The firm has a market cap of $25.60 million, a price-to-earnings ratio of -0.24 and a beta of 2.38.

Greenlane (NASDAQ:GNLNGet Rating) last posted its earnings results on Tuesday, May 17th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). Greenlane had a negative net margin of 23.33% and a negative return on equity of 23.05%. The company had revenue of $46.53 million during the quarter, compared to analyst estimates of $51.39 million. As a group, sell-side analysts anticipate that Greenlane will post -0.28 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Samalin Investment Counsel LLC grew its holdings in Greenlane by 103.6% during the fourth quarter. Samalin Investment Counsel LLC now owns 49,121 shares of the company’s stock worth $47,000 after acquiring an additional 25,000 shares during the period. Wolverine Trading LLC increased its holdings in Greenlane by 112.3% in the fourth quarter. Wolverine Trading LLC now owns 51,163 shares of the company’s stock valued at $48,000 after buying an additional 27,063 shares in the last quarter. State Street Corp boosted its position in Greenlane by 7.6% during the first quarter. State Street Corp now owns 544,609 shares of the company’s stock worth $305,000 after purchasing an additional 38,320 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Greenlane in the first quarter valued at $30,000. Finally, AdvisorShares Investments LLC increased its position in shares of Greenlane by 11.6% in the first quarter. AdvisorShares Investments LLC now owns 639,511 shares of the company’s stock valued at $358,000 after buying an additional 66,580 shares in the last quarter. Institutional investors and hedge funds own 14.51% of the company’s stock.

About Greenlane (Get Rating)

Greenlane Holdings, Inc develops and distributes cannabis accessories, child-resistant packaging, vape solutions, and lifestyle products in the United States, Canada, and Europe. It operates through two segments, Consumer Goods and Industrial Goods. The company provides consumption accessories, vaporizers, pipes, rolling papers and packaging, grinders, and apparel lines, as well as bubblers, rigs, and other smoking and vaporization related accessories and merchandise.

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