Short Interest in Greenlane Holdings, Inc. (NASDAQ:GNLN) Drops By 38.1%

Greenlane Holdings, Inc. (NASDAQ:GNLN) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 17,135 shares, a decline of 38.1% from the July 15th total of 27,684 shares. Currently, 3.1% of the shares of the company are short sold. Based on an average daily volume of 22,895 shares, the short-interest ratio is presently 0.7 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Greenlane in a research note on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Greenlane currently has an average rating of “Sell”.

Greenlane Stock Performance

Shares of NASDAQ GNLN traded up $1.06 during midday trading on Tuesday, reaching $3.07. The stock had a trading volume of 596,657 shares, compared to its average volume of 98,177. The company’s 50 day moving average price is $2.33 and its 200 day moving average price is $4.17. Greenlane has a twelve month low of $1.51 and a twelve month high of $37.97. The firm has a market cap of $1.94 million, a price-to-earnings ratio of -0.04 and a beta of 1.88.

Greenlane (NASDAQ:GNLN) last posted its quarterly earnings data on Friday, August 14th. The company reported ($6.06) earnings per share for the quarter, topping the consensus estimate of ($1,815,000.00) by $1,814,993.94. The company had revenue of ($0.34) million during the quarter, compared to analysts’ expectations of $35.54 million. Greenlane had a negative net margin of 4,630.56% and a negative return on equity of 253.43%.

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

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.