Is GreenLight Biosciences Holdings (NASDAQ: GRNA) Proving The Doubters Wrong?

Cormorant Asset Management LP has recently announced that it has increased stake in GreenLight Biosciences Holdings (NASDAQ:GRNA) by 47.42%. After grabbing 10.26 million shares, the institutional investor is now in possession of 3.3 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 6.77% having worth around $12.11 million. Moreover, Continental Grain Company Corp. increased its share by 1.53 million to have a control over 6.49 million shares. And BlackRock Fund Advisors raised its holdings to 1.98 million shares by acquiring 3.42 million shares or 2.26% of the stake.

GreenLight Biosciences Holdings (GRNA) concluded trading on 01/18/23 at a closing price of $1.19, with 0.47 million shares of worth about $0.56 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -43.33% during that period and on Wednesday the price remained unchanged. Currently the company’s common shares owned by public are about 139.06M shares, out of which, 82.68M shares are available for trading.

A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 2 analysts are covering the GRNA stock and their offered price forecasts bring an average price target of $4.75. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $5.50 and could fall to a lowest price of $4.00. The stock’s current price level is 74.95% above of average price target set by the analysts, while a rise to estimated low would result in gain of 70.25% for the stock. However, touching the estimated high of $5.50 would mean a gain of 78.36% for the stock.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 18 times over the past 12 months. They bought 69,250,020 shares in 18 of the transactions. In 0 selling transactions, insiders dumped 0 shares.

iShares Russell 2000 ETF, Vanguard Extended Market Index Fu, and iShares Biotechnology ETF are the top 3 mutual funds which are holding stakes in GreenLight Biosciences Holdings iShares Russell 2000 ETF is currently holding 1.67 million shares of worth totaling $1.97 million. The company recently came selling 17446.0 shares which brought its stake up to 1.10% of the company’s outstanding shares. iShares Biotechnology ETF, after buying 0.7 million shares, have now control over 0.46% of the stake in the company. It holds 2625.0 shares of worth $0.82 million.

GreenLight Biosciences Holdings (NASDAQ: GRNA) started trading at $1.21, above $0.02 from concluding price of the previous day. Stock saw a price change of 11.21% in past 5 days and over the past one month there was a price change of 4.39%. Year-to-date (YTD), GRNA shares are showing a performance of 0.85% which decreased to -88.05% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.00 but also hit the highest price of $15.80 during that period. The average intraday trading volume for GreenLight Biosciences Holdings shares is 356.67K. The stock is currently trading 7.50% above its 20-day simple moving average (SMA20), while that difference is down -11.34% for SMA50 and it goes to -66.98% lower than SMA200.

Cormorant Asset Management LP acquired 10.26 million shares of GreenLight Biosciences Holdings having value of about $12.11 million. Data submitted at the U.S SEC by Cormorant Asset Management LP revealed that the firm now holds 3.3 million shares in the company valued at close to $3928213.8, or have control over 47.42% stake in the company. GreenLight Biosciences Holdings (NASDAQ: GRNA) currently have 139.06M outstanding shares and institutions hold larger chunk of about 25.20% of that. Holding of mutual funds in the company is about 35.96% while other institutional holders and individual stake holders have control over 5.25% and 17.44% of the stake respectively.

The stock has a current market capitalization of $170.94M. It has posted earnings per share of -$1.31 in the same period. It has Quick Ratio of 3.40 while making debt-to-equity ratio of 0.35. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GRNA, volatility over the week remained 7.93% while standing at 9.25% over the month.

Analysts are in expectations that GreenLight Biosciences Holdings (GRNA) stock would likely to be making an EPS of -$0.28 in the current quarter, while forecast for next quarter EPS is -$0.25 and it is -$1 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.28 which is -$0.28 at the higher side of the target for the same. Stock’s fiscal year EPS is expected to drop by -110.90% while it is estimated to increase by 26.40% in next year.

Analysts at 2 brokerage firms have issued recommendations for the GreenLight Biosciences Holdings (GRNA)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.50. Out of those 2 Wall Street analysts, 2 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Canaccord Genuity on December 08, 2022 offering a Buy rating for the stock and assigned a target price of $4 to it. Coverage by Credit Suisse stated GreenLight Biosciences Holdings (GRNA) stock as an Outperform in their note to investors on October 14, 2022, suggesting a price target of $5.50 for the stock.