Greenlane Holdings (NASDAQ:GNLN) Expected to Announce Quarterly Sales of $49.35 Million

Wall Street brokerages expect Greenlane Holdings (NASDAQ:GNLN) to announce $49.35 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Greenlane’s earnings, with estimates ranging from $46.70 million to $52.00 million. The business is scheduled to report its next earnings results after the market closes on Monday, August 12th.

On average, analysts expect that Greenlane will report full-year sales of $216.19 million for the current financial year, with estimates ranging from $212.78 million to $219.60 million. For the next fiscal year, analysts expect that the firm will report sales of $281.64 million, with estimates ranging from $280.29 million to $283.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Greenlane.

Separately, Zacks Investment Research lowered Greenlane from a “hold” rating to a “sell” rating in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $22.10.

NASDAQ:GNLN opened at $4.64 on Wednesday. The business’s 50-day moving average price is $6.97. Greenlane has a 52-week low of $4.46 and a 52-week high of $29.00. The company has a current ratio of 4.07, a quick ratio of 2.67 and a debt-to-equity ratio of 0.08.

A number of hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can acquired a new position in Greenlane in the second quarter worth $82,000. Bank of New York Mellon Corp acquired a new position in Greenlane in the second quarter worth $103,000. Charles Schwab Investment Management Inc. acquired a new position in Greenlane in the second quarter worth $124,000. JPMorgan Chase & Co. acquired a new position in Greenlane in the second quarter worth $178,000. Finally, Ardsley Advisory Partners LP acquired a new position in Greenlane in the second quarter worth $382,000. 8.68% of the stock is currently owned by institutional investors and hedge funds.

About Greenlane

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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