Greenlane (NASDAQ:GNLN) Stock Rating Lowered by Zacks Investment Research

Greenlane (NASDAQ:GNLNGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Greenlane Holdings Inc. is a distributor of premium vaporization products and consumption accessories primarily in the United States and Canada. Its customers include smoke shops and regional retail chain stores as well as licensed cannabis cultivators, processors and dispensaries. The company owns and operates direct-to-consumer e-commerce websites in the vaporization products and consumption accessories industry, VaporNation.com and VapeWorld.com. Greenlane Holdings Inc. is based in Boca Raton, United States. “

Several other analysts also recently commented on the company. Canaccord Genuity Group cut their target price on Greenlane from $2.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday, April 1st. Canaccord Genuity Group cut their target price on Greenlane from $5.00 to $2.00 and set a “speculative buy” rating on the stock in a research note on Friday, March 11th. Cowen cut their target price on Greenlane from $5.00 to $2.00 in a research note on Friday, April 1st. Finally, Alliance Global Partners cut their target price on Greenlane from $3.00 to $2.00 in a research note on Thursday, March 31st. One research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $2.83.

Shares of Greenlane stock traded down $0.02 during midday trading on Wednesday, hitting $0.27. The company had a trading volume of 1,456,116 shares, compared to its average volume of 1,666,248. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.65 and a current ratio of 1.54. The stock has a market capitalization of $33.21 million, a P/E ratio of -0.33 and a beta of 2.34. The company has a 50 day moving average of $0.40 and a 200 day moving average of $0.70. Greenlane has a 52-week low of $0.25 and a 52-week high of $5.49.

Greenlane (NASDAQ:GNLNGet Rating) last issued its earnings results on Wednesday, March 30th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.04. Greenlane had a negative return on equity of 23.05% and a negative net margin of 23.33%. The business had revenue of $56.02 million for the quarter, compared to the consensus estimate of $56.10 million. During the same period last year, the business posted ($0.61) EPS. Equities research analysts forecast that Greenlane will post -0.28 EPS for the current year.

A number of institutional investors have recently made changes to their positions in the stock. Merlin Capital LLC bought a new position in Greenlane in the 4th quarter worth $1,925,000. BlackRock Inc. raised its holdings in Greenlane by 22.1% during the first quarter. BlackRock Inc. now owns 1,154,079 shares of the company’s stock valued at $646,000 after acquiring an additional 208,765 shares during the period. GSA Capital Partners LLP raised its holdings in Greenlane by 775.7% during the first quarter. GSA Capital Partners LLP now owns 710,502 shares of the company’s stock valued at $398,000 after acquiring an additional 629,371 shares during the period. AdvisorShares Investments LLC raised its holdings in Greenlane by 11.6% during 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. Finally, State Street Corp raised its holdings in Greenlane by 7.6% during the first quarter. State Street Corp now owns 544,609 shares of the company’s stock valued at $305,000 after acquiring an additional 38,320 shares during the period. 14.51% of the stock is currently owned by institutional investors.

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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