Greenlane (NASDAQ:GNLN) Stock Price Up 1.9% – Here’s Why

Greenlane Holdings, Inc. (NASDAQ:GNLN) shares rose 1.9% during trading on Monday . The stock traded as high as $2.63 and last traded at $2.62. Approximately 2,885 shares were traded during trading, a decline of 74% from the average session volume of 11,041 shares. The stock had previously closed at $2.57.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Greenlane in a report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Greenlane presently has an average rating of “Sell”.

Greenlane Stock Down 4.4%

The stock has a market capitalization of $1.51 million, a P/E ratio of -0.03 and a beta of 1.88. The stock’s 50 day moving average price is $3.70 and its 200-day moving average price is $8.14.

Greenlane (NASDAQ:GNLN) last issued its quarterly earnings data on Friday, May 15th. The company reported ($1.34) EPS for the quarter, topping analysts’ consensus estimates of ($1,100,000.00) by $1,099,998.66. The company had revenue of $0.45 million during the quarter, compared to the consensus estimate of $35.56 million. Greenlane had a negative net margin of 3,001.59% and a negative return on equity of 234.48%.

Institutional Investors Weigh In On Greenlane

A hedge fund recently bought a new position in Greenlane stock. Yorkville Advisors Global LP acquired a new stake in shares of Greenlane Holdings, Inc. (NASDAQ:GNLN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 200,000 shares of the company’s stock, valued at approximately $74,000. Yorkville Advisors Global LP owned approximately 31.75% of Greenlane at the end of the most recent reporting period. 13.96% of the stock is currently owned by institutional investors.

Greenlane Company Profile

Greenlane Holdings, Inc is a leading global distributor and direct-to-consumer retailer of premium cannabis consumption accessories and lifestyle products. The company’s portfolio spans hardware such as vaporizers, glassware, rolling papers, storage solutions, and concentrate tools, alongside branded and proprietary offerings designed to meet the evolving needs of both consumers and retail partners in the cannabis and hemp sectors.

Through a multi-channel platform, Greenlane serves a diverse customer base that includes smoke shops, dispensaries, specialty retailers and e-commerce operators.