Greenlane Holdings, Inc. (NASDAQ:GNLN) Shares Shorted: Short Interest Down 90.1% in October

Greenlane Holdings, Inc. (NASDAQ:GNLN) was the target of a significant drop in short interest in October. As of October 30th, there was short interest totaling 873 shares, a drop of 90.1% from the October 15th total of 8,837 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average trading volume of 14,276 shares, the short-interest ratio is presently 0.1 days.

Greenlane Price Performance

Shares of GNLN stock traded down $0.06 during trading hours on Thursday, reaching $0.97. 32,050 shares of the stock were exchanged, compared to its average volume of 79,239. The business’s fifty day moving average is $2.30 and its two-hundred day moving average is $3.73. The firm has a market capitalization of $666,540.00, a P/E ratio of -0.02 and a beta of 2.21. Greenlane has a 12-month low of $0.96 and a 12-month high of $27.92.

Greenlane (NASDAQ:GNLN) last issued its quarterly earnings results on Friday, August 14th. The company reported ($6.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $0.08 million during the quarter, compared to the consensus estimate of $35.56 million.

Institutional Investors Weigh In On 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) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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. Hedge funds and other institutional investors own 13.96% of the company’s stock.

Analyst Ratings Changes

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

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. Through its wholesale and e-commerce operations, the company has distributed products from third-party brands and developed proprietary brands, including Higher Standards, Groove and Pollen Gear.