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

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

Hedge Funds Weigh In On 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 the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 200,000 shares of the company’s stock, valued at approximately $74,000. Yorkville Advisors Global LP owned about 31.75% of Greenlane at the end of the most recent quarter. Institutional investors own 13.96% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Greenlane in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Greenlane Price Performance

GNLN traded down $0.28 during trading on Monday, reaching $1.35. 26,734 shares of the company’s stock were exchanged, compared to its average volume of 23,468. The company’s fifty day moving average price is $2.53 and its 200-day moving average price is $4.12. Greenlane has a fifty-two week low of $1.30 and a fifty-two week high of $27.92.

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

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.