Zacks Investment Research Lowers Greenlane (NASDAQ:GNLN) to Sell

Greenlane (NASDAQ:GNLN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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. “

Separately, Roth Capital cut their target price on shares of Greenlane from $18.50 to $10.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $19.60.

GNLN stock opened at $2.88 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.38 and a current ratio of 5.50. Greenlane has a twelve month low of $2.84 and a twelve month high of $29.00. The business has a fifty day moving average of $3.56 and a 200-day moving average of $7.22.

Greenlane (NASDAQ:GNLN) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.58). The firm had revenue of $44.89 million during the quarter, compared to the consensus estimate of $48.65 million. Greenlane had a negative net margin of 16.40% and a negative return on equity of 60.54%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, research analysts expect that Greenlane will post -0.53 EPS for the current year.

In other Greenlane news, CEO Aaron Locascio bought 56,375 shares of the stock in a transaction on Wednesday, November 13th. The stock was purchased at an average price of $3.63 per share, with a total value of $204,641.25. Also, major shareholder Pura Vida Investments, Llc bought 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $3.39 per share, with a total value of $33,900.00. Over the last ninety days, insiders acquired 176,375 shares of company stock worth $776,791.

Large investors have recently bought and sold shares of the company. Bank of Montreal Can acquired a new stake in shares of Greenlane during the second quarter worth $82,000. Bank of New York Mellon Corp acquired a new position in Greenlane in the second quarter valued at about $103,000. SG Americas Securities LLC bought a new position in Greenlane during the third quarter worth about $39,000. Charles Schwab Investment Management Inc. bought a new position in Greenlane during the second quarter worth about $124,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Greenlane by 718.3% during the third quarter. Tower Research Capital LLC TRC now owns 16,676 shares of the company’s stock worth $56,000 after buying an additional 14,638 shares during the last quarter. Institutional investors and hedge funds own 8.47% of the company’s stock.

About Greenlane

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.

Further Reading: Commodities

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Analyst Recommendations for Greenlane (NASDAQ:GNLN)

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