Greenlane (NASDAQ:GNLN) Shares Down 3.7% – Here’s Why

Greenlane Holdings, Inc. (NASDAQ:GNLN)’s share price was down 3.7% on Monday . The stock traded as low as $2.41 and last traded at $2.4550. 7,494 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 25,120 shares. The stock had previously closed at $2.55.

Wall Street Analyst Weigh In

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

Greenlane Stock Down 3.7%

The stock has a 50 day moving average of $3.18 and a 200 day moving average of $6.14. The company has a market capitalization of $1.55 million, a price-to-earnings ratio of -0.03 and a beta of 1.87.

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

Institutional Investors Weigh In On Greenlane

A hedge fund recently bought a new position in Greenlane stock. Yorkville Advisors Global LP bought a new position in shares of Greenlane Holdings, Inc. (NASDAQ:GNLN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 200,000 shares of the company’s stock, valued at approximately $74,000. Yorkville Advisors Global LP owned about 31.75% of Greenlane as of its most recent SEC filing. Hedge funds and other institutional investors own 13.96% of the company’s stock.

About Greenlane

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.