Greenlane Holdings, Inc. (NASDAQ:GNLN) Stock Short Interest Falls 48.9%

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

Institutional Trading of Greenlane

A hedge fund recently bought a new stake 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 Trading Down 2.4%

GNLN stock traded down $0.04 on Friday, hitting $1.63. 11,454 shares of the company’s stock traded hands, 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. Greenlane has a 1-year low of $1.51 and a 1-year high of $27.92. The stock has a fifty day moving average of $2.56 and a 200-day moving average of $4.18.

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

Wall Street Analysts Forecast Growth

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

About Greenlane

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.