Greenlane (NASDAQ:GNLN) Downgraded by Zacks Investment Research to “Sell”

Greenlane (NASDAQ:GNLN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

According to Zacks, “Greenlane Holdings Inc. is a distributor of premium vaporization products and consumption accessories primarily in the United States and Canada. Its customers include smoke shops and regional retail chain stores as well as licensed cannabis cultivators, processors and dispensaries. The company owns and operates direct-to-consumer e-commerce websites in the vaporization products and consumption accessories industry, VaporNation.com and VapeWorld.com. Greenlane Holdings Inc. is based in Boca Raton, United States. “

NASDAQ GNLN traded down $0.66 during trading on Monday, reaching $3.98. 523,867 shares of the company’s stock were exchanged, compared to its average volume of 330,450. Greenlane has a fifty-two week low of $3.94 and a fifty-two 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. The stock has a fifty day moving average price of $6.78.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of Montreal Can acquired a new stake in Greenlane during the 2nd quarter worth about $82,000. Bank of New York Mellon Corp acquired a new stake in Greenlane during the 2nd quarter worth about $103,000. Charles Schwab Investment Management Inc. acquired a new stake in Greenlane during the 2nd quarter worth about $124,000. JPMorgan Chase & Co. acquired a new stake in Greenlane during the 2nd quarter worth about $178,000. Finally, Ardsley Advisory Partners LP acquired a new stake in Greenlane during the 2nd quarter worth about $382,000. Hedge funds and other institutional investors own 8.68% of the company’s stock.

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.

See Also: Diversification

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Analyst Recommendations for Greenlane (NASDAQ:GNLN)

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