55,778 Shares in Greenlane Holdings, Inc. (NASDAQ:GNLN) Purchased by Formidable Asset Management LLC

Formidable Asset Management LLC bought a new position in shares of Greenlane Holdings, Inc. (NASDAQ:GNLN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 55,778 shares of the company’s stock, valued at approximately $132,000.

Several other large investors also recently modified their holdings of the company. Penserra Capital Management LLC boosted its stake in Greenlane by 53.9% in the second quarter. Penserra Capital Management LLC now owns 969,229 shares of the company’s stock valued at $4,331,000 after acquiring an additional 339,422 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Greenlane by 84.6% during the second quarter. Vanguard Group Inc. now owns 813,793 shares of the company’s stock worth $3,638,000 after buying an additional 373,013 shares during the period. BlackRock Inc. lifted its stake in shares of Greenlane by 5.0% during the third quarter. BlackRock Inc. now owns 736,522 shares of the company’s stock worth $1,746,000 after buying an additional 34,953 shares during the period. Twin Focus Capital Partners LLC lifted its stake in shares of Greenlane by 30.1% during the second quarter. Twin Focus Capital Partners LLC now owns 505,003 shares of the company’s stock worth $2,257,000 after buying an additional 116,741 shares during the period. Finally, Cambria Investment Management L.P. lifted its stake in shares of Greenlane by 10.8% during the second quarter. Cambria Investment Management L.P. now owns 428,245 shares of the company’s stock worth $1,914,000 after buying an additional 41,780 shares during the period. 16.31% of the stock is currently owned by institutional investors and hedge funds.

In other news, President Aaron Locascio sold 88,888 shares of the stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $1.81, for a total value of $160,887.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Schoenfeld sold 38,200 shares of the stock in a transaction dated Thursday, December 23rd. The shares were sold at an average price of $1.01, for a total transaction of $38,582.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 575,251 shares of company stock valued at $919,400. Company insiders own 83.59% of the company’s stock.

GNLN has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on shares of Greenlane in a report on Friday, October 1st. They set a “buy” rating and a $6.30 target price for the company. Zacks Investment Research cut shares of Greenlane from a “hold” rating to a “sell” rating in a report on Friday, November 19th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Greenlane presently has an average rating of “Buy” and an average target price of $5.30.

Greenlane stock opened at $0.93 on Friday. The company’s 50 day simple moving average is $1.20 and its 200-day simple moving average is $2.26. The company has a market capitalization of $94.69 million, a price-to-earnings ratio of -0.83 and a beta of 2.17. Greenlane Holdings, Inc. has a 1 year low of $0.85 and a 1 year high of $8.73. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.19 and a current ratio of 2.44.

Greenlane (NASDAQ:GNLN) last announced its earnings results on Monday, November 15th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.16). Greenlane had a negative return on equity of 26.06% and a negative net margin of 18.52%. The business had revenue of $41.31 million for the quarter, compared to analysts’ expectations of $40.31 million. During the same period in the previous year, the company earned ($0.46) earnings per share. Equities analysts expect that Greenlane Holdings, Inc. will post -0.58 earnings per share for the current year.

About Greenlane

Greenlane Holdings, Inc distributes and supplies vaporization products and accessories for vape shops and dispensaries. The firm offers packaging, rolling papers, grinders, glass products, and smoking accessories. The company was founded by Aaron LoCascio and Adam Schoenfeld in 2005 and is headquartered in Boca Raton, FL.

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Institutional Ownership by Quarter for Greenlane (NASDAQ:GNLN)

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