Greenlane Holdings (GNLN) listed on the US market in April. It priced its IPO at $17 per share and rose almost 25% after listing on April 18.
Greenlane Holdings raised $102 million through its IPO. However, after the initial frenzy, there was a selling spree in the stock. It fell 10.4% last month, and it’s currently trading below its IPO issue price.
Greenlane Holdings has received “strong buy” ratings from two analysts, while three analysts have given it “buys” or equivalent ratings. The stock’s mean consensus price target of $22.1 represents a potential upside of 42% over its June 3 closing price. Last month, Cowen initiated coverage on the stock with an “outperform” rating and a $21 price target. Canaccord Genuity also initiated coverage on Greenlane Holdings with a “speculative buy” rating and a $22 price target.
Greenlane Holdings is an ancillary cannabis play, and it isn’t involved in cannabis cultivation. Greenlane Holdings is a distributor of vaporization products and other accessories. The company uses business-to-consumer and business-to-business channels to market its products. Read Greenlane Holdings Gives You Exposure to the Cannabis Sector for a broad overview.
Greenlane Holdings reported its first-quarter earnings results on May 9. The company reported revenue of $49.9 million compared to $43.2 million in the first quarter of 2018. It generated a net loss of $17.6 million in the quarter compared to its net profit of $2.3 million in the first quarter of 2018.