Greenlane’s (NASDAQ:GNLN) lock-up period will end on Tuesday, October 15th. Greenlane had issued 6,000,000 shares in its IPO on April 18th. The total size of the offering was $102,000,000 based on an initial share price of $17.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.
Several equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Greenlane from a “hold” rating to a “sell” rating in a research note on Tuesday. Roth Capital lowered their price objective 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $19.60.
NASDAQ:GNLN opened at $3.35 on Friday. Greenlane has a 12 month low of $3.15 and a 12 month high of $29.00. The business’s fifty day moving average is $4.80. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.07 and a quick ratio of 2.67.
In other Greenlane news, Director Richard Taney bought 30,000 shares of Greenlane stock in a transaction that occurred on Friday, September 27th. The stock was purchased at an average price of $3.65 per share, with a total value of $109,500.00. Also, major shareholder Pura Vida Investments, Llc bought 75,000 shares of Greenlane stock in a transaction that occurred on Tuesday, September 24th. The shares were acquired at an average cost of $4.25 per share, with a total value of $318,750.00. Insiders have bought 120,000 shares of company stock valued at $572,150 over the last quarter.
Several institutional investors have recently modified their holdings of the stock. Anson Funds Management LP purchased a new position in shares of Greenlane during the second quarter worth $16,775,000. Cowen Inc. purchased a new position in shares of Greenlane during the second quarter worth $3,228,000. Baker Avenue Asset Management LP purchased a new position in shares of Greenlane during the second quarter worth $2,468,000. Vanguard Group Inc. purchased a new position in shares of Greenlane during the second quarter worth $1,387,000. Finally, BlackRock Inc. purchased a new position in shares of Greenlane during the second quarter worth $2,726,000. 8.68% of the stock is owned by hedge funds and other institutional investors.
Greenlane Company Profile
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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