Greenlane Holdings, Inc. (NASDAQ:GNLN) Shares Shorted: Short Interest Down 48.9% in October

Greenlane Holdings, Inc. (NASDAQ:GNLN) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 8,837 shares, a drop of 48.9% from the September 30th total of 17,285 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average trading volume of 30,008 shares, the days-to-cover ratio is currently 0.3 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Greenlane in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Institutional Trading of 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) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 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. Institutional investors own 13.96% of the company’s stock.

Greenlane Price Performance

GNLN traded down $0.04 on Friday, hitting $1.63. The company had a trading volume of 11,454 shares, compared to its average volume of 22,844. The stock has a market cap of $1.12 million, a price-to-earnings ratio of -0.03 and a beta of 2.05. The company’s fifty day moving average price is $2.56 and its 200 day moving average price is $4.18. Greenlane has a 1-year low of $1.51 and a 1-year high of $27.92.

Greenlane (NASDAQ:GNLN) last posted its quarterly earnings data on Friday, August 14th. The company reported ($6.06) EPS for the quarter, topping analysts’ consensus estimates of ($1,100,000.00) by $1,099,993.94. Greenlane had a negative return on equity of 282.11% and a negative net margin of 4,630.56%. The business had revenue of $0.08 million for the quarter, compared to analyst estimates of $35.56 million.

Greenlane Company Profile

Greenlane Holdings, Inc is a cannabis ancillary-products company that has historically operated as a distributor, retailer and developer of branded products for the cannabis and lifestyle markets. The company has focused on products that support the consumption, storage and presentation of cannabis and related goods, rather than cultivating or selling cannabis itself.

Greenlane’s product offerings have included vaporizers, glassware, smoking accessories, packaging and other consumer products.