Greenlane Holdings, Inc. (NASDAQ:GNLN) Expected to Post Quarterly Sales of $51.39 Million

Brokerages expect Greenlane Holdings, Inc. (NASDAQ:GNLNGet Rating) to announce $51.39 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Greenlane’s earnings. The lowest sales estimate is $48.40 million and the highest is $54.50 million. Greenlane reported sales of $34.01 million in the same quarter last year, which indicates a positive year-over-year growth rate of 51.1%. The business is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Greenlane will report full year sales of $221.70 million for the current fiscal year, with estimates ranging from $208.60 million to $231.70 million. For the next fiscal year, analysts expect that the company will report sales of $273.70 million, with estimates ranging from $255.40 million to $302.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Greenlane.

Greenlane (NASDAQ:GNLNGet Rating) last posted its earnings results on Wednesday, March 30th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. Greenlane had a negative net margin of 18.42% and a negative return on equity of 18.79%. The firm had revenue of $56.02 million during the quarter, compared to analyst estimates of $56.10 million. During the same quarter in the prior year, the business posted ($0.61) EPS.

Several analysts have recently issued reports on GNLN shares. Canaccord Genuity Group reduced their target price on shares of 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 cut their price target on shares of Greenlane from $3.00 to $2.00 in a report on Thursday, March 31st. Canaccord Genuity Group cut their price target on shares of Greenlane from $2.00 to $1.00 and set a “buy” rating on the stock in a report on Friday, April 1st. Zacks Investment Research downgraded shares of Greenlane from a “buy” rating to a “hold” rating in a report on Friday, May 6th. Finally, Cowen cut their price target on shares of Greenlane from $5.00 to $2.00 in a report on Friday, April 1st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $2.83.

Several hedge funds have recently added to or reduced their stakes in the company. Merlin Capital LLC bought a new position in shares of Greenlane in the fourth quarter valued at approximately $1,925,000. BlackRock Inc. boosted its position in shares of Greenlane by 28.3% in the fourth quarter. BlackRock Inc. now owns 945,314 shares of the company’s stock valued at $911,000 after acquiring an additional 208,792 shares during the period. AdvisorShares Investments LLC boosted 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 acquiring an additional 66,580 shares during the period. D. E. Shaw & Co. Inc. boosted its position in shares of Greenlane by 23.8% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 543,910 shares of the company’s stock valued at $525,000 after acquiring an additional 104,468 shares during the period. Finally, Twin Focus Capital Partners LLC boosted its position in shares of Greenlane by 5.6% in the third quarter. Twin Focus Capital Partners LLC now owns 533,374 shares of the company’s stock valued at $1,264,000 after acquiring an additional 28,371 shares during the period. Institutional investors own 14.51% of the company’s stock.

NASDAQ GNLN opened at $0.33 on Wednesday. Greenlane has a 1 year low of $0.32 and a 1 year high of $5.49. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.76 and a quick ratio of 0.81. The firm has a market cap of $40.27 million, a price-to-earnings ratio of -0.35 and a beta of 2.34. The company has a fifty day moving average price of $0.46 and a 200-day moving average price of $0.86.

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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