Zacks Investment Research cut shares of Greenlane (NASDAQ:GNLN – Get Rating) from a buy rating to a hold rating in a report issued on Thursday, 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 GNLN. Canaccord Genuity Group cut their price objective on shares of Greenlane from $5.00 to $2.00 in a research report on Friday, March 11th. Alliance Global Partners dropped their price target on shares of Greenlane from $3.00 to $2.00 in a report on Thursday. Finally, Canaccord Genuity Group dropped their price target on shares of Greenlane from $5.00 to $2.00 and set a speculative buy rating on the stock in a report on Friday, March 11th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Greenlane has a consensus rating of Buy and an average price target of $2.86.
Shares of GNLN stock opened at $0.53 on Thursday. Greenlane has a one year low of $0.40 and a one year high of $6.30. The company’s 50-day moving average is $0.59 and its 200 day moving average is $1.24. The company has a market capitalization of $54.20 million, a price-to-earnings ratio of -0.48 and a beta of 2.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.19 and a current ratio of 2.44.
Institutional investors have recently added to or reduced their stakes in the company. Merlin Capital LLC purchased a new position in shares of Greenlane in the fourth quarter valued at $1,925,000. BlackRock Inc. boosted its stake in Greenlane by 28.3% during the fourth quarter. BlackRock Inc. now owns 945,314 shares of the company’s stock worth $911,000 after buying an additional 208,792 shares during the period. D. E. Shaw & Co. Inc. boosted its stake in Greenlane by 23.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 543,910 shares of the company’s stock worth $525,000 after buying an additional 104,468 shares during the period. Twin Focus Capital Partners LLC boosted its stake in Greenlane by 5.6% during the third quarter. Twin Focus Capital Partners LLC now owns 533,374 shares of the company’s stock worth $1,264,000 after buying an additional 28,371 shares during the period. Finally, State Street Corp boosted its stake in Greenlane by 28.1% during the fourth quarter. State Street Corp now owns 506,289 shares of the company’s stock worth $488,000 after buying an additional 111,010 shares during the period. Hedge funds and other institutional investors own 16.31% of the company’s stock.
Greenlane Company Profile (Get Rating)
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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