Greenlane (NASDAQ:GNLN) Stock Rating Lowered by Zacks Investment Research

Greenlane (NASDAQ:GNLN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, 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. “

A number of other brokerages have also recently commented on GNLN. Cowen initiated coverage on shares of Greenlane in a research note on Monday, May 13th. They set an “outperform” rating and a $21.00 price target on the stock. Northland Securities initiated coverage on shares of Greenlane in a research note on Monday, May 13th. They set an “outperform” rating and a $23.00 price target on the stock. Roth Capital initiated coverage on shares of Greenlane in a research note on Tuesday, May 14th. They set a “buy” rating and a $22.50 price target on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Greenlane in a research note on Monday, May 13th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Canaccord Genuity initiated coverage on shares of Greenlane in a research note on Monday, May 13th. They issued a “speculative buy” rating and a $22.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $22.10.

Shares of GNLN stock traded down $0.48 during trading on Friday, reaching $6.49. 419,500 shares of the company’s stock traded hands, compared to its average volume of 350,717. The stock has a 50-day moving average price of $8.07. Greenlane has a 1 year low of $6.35 and a 1 year high of $29.00.

Hedge funds and other institutional investors have recently bought and sold shares of the business. TimesSquare Capital Management LLC bought a new stake in shares of Greenlane in the second quarter worth $13,042,000. JPMorgan Chase & Co. bought a new stake in shares of Greenlane in the second quarter worth $178,000. Bank of Montreal Can bought a new stake in shares of Greenlane in the second quarter worth $82,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Greenlane in the second quarter worth $124,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Greenlane in the second quarter worth $103,000. Institutional investors and hedge funds own 1.53% 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.

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