Greenlane (NASDAQ:GNLN) Shares Up 1.9% – Here’s What Happened

Greenlane Holdings, Inc. (NASDAQ:GNLN) shares rose 1.9% 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 Analyst Weigh In

Separately, Weiss Ratings restated 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 data from MarketBeat.com, Greenlane presently has a consensus rating of “Sell”.

Greenlane Price Performance

The firm’s fifty day simple moving average is $3.71 and its 200 day simple moving average is $8.30. The company has a market capitalization of $1.65 million, a price-to-earnings ratio of -0.03 and a beta of 1.89.

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

Institutional Trading of Greenlane

A hedge fund recently bought a new position in Greenlane stock. Yorkville Advisors Global LP purchased a new stake in shares of Greenlane Holdings, Inc. (NASDAQ:GNLN) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 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 quarter. 13.96% of the stock is currently owned by institutional investors and hedge funds.

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.