Greenlane (NASDAQ:GNLN) Trading Up 10%

Shares of Greenlane Holdings (NASDAQ:GNLN) were up 10% during trading on Monday . The stock traded as high as $3.60 and last traded at $3.53, approximately 179,456 shares traded hands during trading. A decline of 44% from the average daily volume of 318,336 shares. The stock had previously closed at $3.21.

Several analysts recently commented on GNLN shares. Roth Capital cut their target price on shares of Greenlane from $18.50 to $10.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Zacks Investment Research lowered shares of Greenlane from a “hold” rating to a “sell” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $19.60.

The business’s 50 day moving average is $4.16. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.67 and a current ratio of 4.07.

In other news, Director Richard Taney purchased 30,000 shares of Greenlane stock in a transaction that occurred on Friday, September 27th. The stock was acquired at an average price of $3.65 per share, for a total transaction of $109,500.00. Also, SVP Pura Vida Investments, Llc purchased 5,000 shares of Greenlane stock in a transaction that occurred on Friday, September 20th. The stock was purchased at an average price of $22.00 per share, with a total value of $110,000.00. Over the last three months, insiders have purchased 120,000 shares of company stock valued at $572,150.

Large investors have recently modified their holdings of the stock. Ardsley Advisory Partners LP purchased a new stake in shares of Greenlane in the 2nd quarter valued at approximately $382,000. Anson Funds Management LP purchased a new stake in shares of Greenlane in the 2nd quarter valued at approximately $16,775,000. Cowen Inc. purchased a new stake in shares of Greenlane in the 2nd quarter valued at approximately $3,228,000. Northern Trust Corp purchased a new stake in shares of Greenlane in the 2nd quarter valued at approximately $550,000. Finally, Baker Avenue Asset Management LP purchased a new stake in shares of Greenlane in the 2nd quarter valued at approximately $2,468,000. Institutional investors and hedge funds own 8.68% of the company’s stock.

Greenlane Company Profile (NASDAQ:GNLN)

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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