Zacks: Brokerages Anticipate Greenlane Holdings (NASDAQ:GNLN) Will Post Earnings of -$0.09 Per Share

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Wall Street brokerages expect that Greenlane Holdings (NASDAQ:GNLN) will report earnings per share of ($0.09) for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Greenlane’s earnings, with the lowest EPS estimate coming in at ($0.11) and the highest estimate coming in at ($0.06). Greenlane posted earnings per share of ($0.49) in the same quarter last year, which suggests a positive year over year growth rate of 81.6%. The firm is scheduled to report its next quarterly earnings report on Friday, November 13th.

According to Zacks, analysts expect that Greenlane will report full year earnings of ($0.38) per share for the current year, with EPS estimates ranging from ($0.48) to ($0.30). For the next year, analysts expect that the business will report earnings of $0.00 per share, with EPS estimates ranging from ($0.05) to $0.05. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Greenlane.

Greenlane (NASDAQ:GNLN) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.07). The business had revenue of $32.40 million during the quarter, compared to analysts’ expectations of $32.40 million. Greenlane had a negative return on equity of 16.22% and a negative net margin of 10.64%.

A number of equities research analysts have weighed in on the stock. Northland Securities restated a “buy” rating on shares of Greenlane in a report on Friday, August 7th. BidaskClub cut shares of Greenlane from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 18th. Zacks Investment Research cut shares of Greenlane from a “buy” rating to a “hold” rating and set a $3.50 price target on the stock. in a report on Wednesday, August 12th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $4.00 price target on shares of Greenlane in a report on Thursday, August 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $4.13.

In related news, insider Adam Schoenfeld sold 13,174 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $2.53, for a total transaction of $33,330.22. Following the transaction, the insider now owns 37,826 shares in the company, valued at $95,699.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Aaron Locascio sold 39,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $3.00, for a total transaction of $117,000.00. Following the transaction, the chief executive officer now owns 59,375 shares in the company, valued at approximately $178,125. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,441 shares of company stock worth $434,043. Corporate insiders own 83.59% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Nuveen Asset Management LLC lifted its position in Greenlane by 252.7% during the second quarter. Nuveen Asset Management LLC now owns 98,171 shares of the company’s stock valued at $391,000 after purchasing an additional 70,335 shares during the period. Healthcare Value Capital LLC lifted its position in Greenlane by 11.1% during the second quarter. Healthcare Value Capital LLC now owns 250,000 shares of the company’s stock valued at $995,000 after purchasing an additional 25,000 shares during the period. Bank of New York Mellon Corp lifted its position in Greenlane by 54.5% during the second quarter. Bank of New York Mellon Corp now owns 26,666 shares of the company’s stock valued at $106,000 after purchasing an additional 9,401 shares during the period. AdvisorShares Investments LLC raised its position in Greenlane by 57.4% in the second quarter. AdvisorShares Investments LLC now owns 288,656 shares of the company’s stock worth $1,149,000 after acquiring an additional 105,215 shares during the period. Finally, State Street Corp raised its position in Greenlane by 83.9% in the first quarter. State Street Corp now owns 132,494 shares of the company’s stock worth $228,000 after acquiring an additional 60,463 shares during the period. Institutional investors own 4.73% of the company’s stock.

GNLN traded up $0.10 during midday trading on Wednesday, reaching $2.41. The company’s stock had a trading volume of 111,551 shares, compared to its average volume of 185,905. The firm has a market capitalization of $225.78 million, a price-to-earnings ratio of -1.59 and a beta of 2.08. The company has a current ratio of 4.42, a quick ratio of 2.72 and a debt-to-equity ratio of 0.12. Greenlane has a 1 year low of $1.02 and a 1 year high of $4.65. The stock’s 50-day moving average is $2.97 and its 200-day moving average is $2.78.

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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