Greenlane Holdings Inc [NASDAQ: GNLN] stock went on a downward path that fall over -0.38% on Thursday, amounting to a one-week price decrease of less than -6.41%. The company report on November 27, 2023 at 4:25 PM that Greenlane Announces Receipt of Nasdaq Listing Deficiency Notice.
Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, announced it has received a notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) on November 22, 2023 indicating that the Company is not currently in compliance with Nasdaq’s Listing Rules (the “Listing Rules”) due to the Company’s inability to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). The Notice does not immediately affect the listing or trading of the Company’s securities. According to Listing Rule 5250(c)(1), the Company was required to file the Form 10-Q by November 14, 2023 (the “Due Date”). The Company previously reported its inability to file the Form 10-Q by the Due Date on Form 12b-25, which the Company filed with the SEC on November 15, 2023.
Nasdaq has informed the Company that, under the Listing Rules, the Company has 60 calendar days from receipt of the Notice to submit a plan to regain compliance with the Listing Rules. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or May 20, 2024, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq or maintain compliance with the other continued listing requirements outlined in the Listing Rules. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.
Over the last 12 months, GNLN stock dropped by -84.48%. The one-year Greenlane Holdings Inc stock forecast points to a potential upside of 96.22. The average equity rating for GNLN stock is currently 3.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.94 million, with 3.73 million shares outstanding and 3.70 million shares in the current float. Compared to the average trading volume of 82.09K shares, GNLN stock reached a trading volume of 157171 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Greenlane Holdings Inc [GNLN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GNLN shares is $13.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GNLN stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Jefferies have made an estimate for Greenlane Holdings Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 01, 2021. While these analysts kept the previous recommendation, Cowen raised their target price to Outperform. The new note on the price target was released on September 10, 2021, representing the official price target for Greenlane Holdings Inc stock. Previously, the target price had yet another raise to $6, while Alliance Global Partners analysts kept a Buy rating on GNLN stock.
The Average True Range (ATR) for Greenlane Holdings Inc is set at 0.07, with the Price to Sales ratio for GNLN stock in the period of the last 12 months amounting to 0.03. The Price to Book ratio for the last quarter was 0.12, with the Price to Cash per share for the same quarter was set at 0.65.
GNLN Stock Performance Analysis:
Greenlane Holdings Inc [GNLN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.41. With this latest performance, GNLN shares gained by 16.85% in over the last four-week period, additionally sinking by -27.78% over the last 6 months – not to mention a drop of -84.48% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GNLN stock in for the last two-week period is set at 53.14, with the RSI for the last a single of trading hit 51.93, and the three-weeks RSI is set at 53.00 for Greenlane Holdings Inc [GNLN]. The present Moving Average for the last 50 days of trading for this stock 0.4682, while it was recorded at 0.5350 for the last single week of trading, and 0.7095 for the last 200 days.
Insight into Greenlane Holdings Inc Fundamentals:
Greenlane Holdings Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.36 and a Current Ratio set at 1.18.
GNLN Stock EPS
With the latest financial reports released by the company, Greenlane Holdings Inc posted -114.3/share EPS, while the average EPS was predicted by analysts to be reported at -12.02/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -850.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GNLN.
Greenlane Holdings Inc [GNLN] Institutonal Ownership Details
The top three institutional holders of GNLN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in GNLN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in GNLN stock with ownership which is approximately 5.8325%.
