Zacks: Brokerages Anticipate Greenlane Holdings, Inc. (NASDAQ:GNLN) Will Post Quarterly Sales of $51.39 Million

Wall Street analysts forecast that Greenlane Holdings, Inc. (NASDAQ:GNLN – Get Rating) will post sales of $51.39 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Greenlane’s earnings. The highest sales estimate is $54.50 million and the lowest is $48.40 million. Greenlane reported sales of $34.01 million in the same quarter last year, which indicates a positive year over year growth rate of 51.1%. The business is expected to announce its next quarterly earnings report before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Greenlane will report full year sales of $221.70 million for the current financial year, with estimates ranging from $208.60 million to $231.70 million. For the next year, analysts forecast that the business will report sales of $273.70 million, with estimates ranging from $255.40 million to $302.00 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Greenlane.

Greenlane (NASDAQ:GNLN – Get Rating) last released its quarterly earnings data on Wednesday, March 30th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Greenlane had a negative return on equity of 18.79% and a negative net margin of 18.42%. The company had revenue of $56.02 million for the quarter, compared to the consensus estimate of $56.10 million. During the same period in the previous year, the business earned ($0.61) earnings per share.

A number of research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Greenlane from a “buy” rating to a “hold” rating in a research note on Friday, May 6th. Alliance Global Partners cut their target price on shares of Greenlane from $3.00 to $2.00 in a research note on Thursday, March 31st. Canaccord Genuity Group cut their target price on shares of Greenlane from $2.00 to $1.00 and set a “buy” rating for the company in a research note on Friday, April 1st. Cowen dropped their price objective on shares of Greenlane from $5.00 to $2.00 in a research report on Friday, April 1st. Finally, Canaccord Genuity Group dropped their price objective on shares of Greenlane from $5.00 to $2.00 and set a “speculative buy” rating for the company in a research report on Friday, March 11th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Greenlane presently has a consensus rating of “Buy” and a consensus target price of $2.83.

Shares of NASDAQ:GNLN traded up $0.03 during trading on Wednesday, reaching $0.34. The stock had a trading volume of 1,023,526 shares, compared to its average volume of 1,016,187. Greenlane has a 52 week low of $0.28 and a 52 week high of $5.49. The business’s 50-day moving average price is $0.45 and its 200 day moving average price is $0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.76 and a quick ratio of 0.81. The stock has a market capitalization of $41.57 million, a PE ratio of -0.36 and a beta of 2.34.

Institutional investors have recently modified their holdings of the business. HighTower Advisors LLC bought a new stake in shares of Greenlane during the 3rd quarter valued at $147,000. Marshall Wace LLP bought a new stake in shares of Greenlane during the 3rd quarter valued at $1,038,000. Vident Investment Advisory LLC bought a new stake in shares of Greenlane during the 3rd quarter valued at $47,000. BlackRock Inc. raised its position in shares of Greenlane by 5.0% during the 3rd quarter. BlackRock Inc. now owns 736,522 shares of the company’s stock valued at $1,746,000 after acquiring an additional 34,953 shares during the last quarter. Finally, Formidable Asset Management LLC bought a new stake in shares of Greenlane during the 3rd quarter valued at $132,000. Institutional investors own 14.51% of the company’s stock.

About Greenlane (Get Rating)

Greenlane Holdings, Inc develops and distributes cannabis accessories, child-resistant packaging, vape solutions, and lifestyle products in the United States, Canada, and Europe. It operates through two segments, Consumer Goods and Industrial Goods. The company provides consumption accessories, vaporizers, pipes, rolling papers and packaging, grinders, and apparel lines, as well as bubblers, rigs, and other smoking and vaporization related accessories and merchandise.

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