Greenlane Holdings (NASDAQ:GNLN) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,740,000 shares, an increase of 5.5% from the September 30th total of 1,650,000 shares. Based on an average daily volume of 246,900 shares, the short-interest ratio is currently 7.0 days. Approximately 18.8% of the company’s stock are sold short.

GNLN has been the topic of several research analyst reports. Zacks Investment Research lowered shares of Greenlane from a “hold” rating to a “sell” rating in a research note on Friday. Roth Capital cut their price target on shares of Greenlane from $18.50 to $10.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $19.60.

In related news, major shareholder Pura Vida Investments, Llc purchased 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The shares were purchased at an average cost of $4.25 per share, for a total transaction of $318,750.00. Also, Director Richard Taney purchased 30,000 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were bought at an average price of $3.65 per share, for a total transaction of $109,500.00. Over the last ninety days, insiders have bought 120,000 shares of company stock valued at $572,150.

Several hedge funds and other institutional investors have recently made changes to their positions in GNLN. SG Americas Securities LLC purchased a new stake in shares of Greenlane in the third quarter valued at about $39,000. Tower Research Capital LLC TRC lifted its holdings in shares of Greenlane by 718.3% in the third quarter. Tower Research Capital LLC TRC now owns 16,676 shares of the company’s stock valued at $56,000 after purchasing an additional 14,638 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Greenlane in the second quarter valued at about $82,000. Bank of New York Mellon Corp purchased a new stake in shares of Greenlane in the second quarter valued at about $103,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of Greenlane in the second quarter valued at about $124,000. 8.89% of the stock is currently owned by institutional investors.

NASDAQ GNLN traded down $0.04 during trading on Friday, reaching $3.36. The company’s stock had a trading volume of 84,100 shares, compared to its average volume of 191,872. Greenlane has a twelve month low of $3.10 and a twelve month high of $29.00. The business’s fifty day moving average price is $3.60 and its 200-day moving average price is $8.47. The company has a current ratio of 5.50, a quick ratio of 2.67 and a debt-to-equity ratio of 0.08.

Greenlane (NASDAQ:GNLN) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.58). Greenlane had a negative return on equity of 66.55% and a negative net margin of 17.11%. The company had revenue of $44.89 million for the quarter, compared to analysts’ expectations of $48.65 million. Greenlane’s quarterly revenue was up 3.1% compared to the same quarter last year. Analysts expect that Greenlane will post -0.53 earnings per share for the current year.

About Greenlane

Greenlane Holdings, Inc distribute consumption accessories and vaporization products to wholesale and retail customers in the United States and Canada. The company offers vaporizers and parts, cleaning products, grinders and storage containers, pipes, rolling papers, and customized lines of specialty packaging.

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