Cresco Labs (OTCMKTS:CRLBF) Sees Large Volume Increase - What's Next?

Key Points

• Cresco Labs experienced a significant trading volume increase of 606%, with approximately 4.98 million shares traded, reflecting heightened investor interest.
• Analysts have adjusted their ratings for Cresco Labs, with Canaccord Genuity Group downgrading the stock from a "strong-buy" to a "moderate buy," while maintaining a consensus rating of "Moderate Buy".
• Despite reporting a revenue of $163.62 million for the last quarter, Cresco Labs missed earnings expectations with a loss of ($0.05) earnings per share.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) saw strong trading volume on Monday . 4,975,765 shares traded hands during mid-day trading, an increase of 606% from the previous session's volume of 705,126 shares.The stock last traded at $1.05 and had previously closed at $0.75.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group cut shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a report on Tuesday, June 3rd. Two analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

Cresco Labs Trading Up 32.6%

The stock's fifty day simple moving average is $0.57 and its 200-day simple moving average is $0.70. The firm has a market cap of $486.11 million, a PE ratio of -7.62 and a beta of 1.42. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.75 and a quick ratio of 1.98.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). Cresco Labs had a negative net margin of 6.67% and a negative return on equity of 11.65%. The firm had revenue of $163.62 million during the quarter, compared to analysts' expectations of $162.00 million. On average, sell-side analysts forecast that Cresco Labs Inc. will post -0.2 earnings per share for the current year.

About Cresco Labs

Cresco Labs Inc, together with its subsidiaries, cultivates, manufactures, and sells retail and medical cannabis products in the United States. It provides cannabis in flowers, vape pens, live resins, disposable pens, and extracts under the Cresco brand; vape carts, vape pens, flower, popcorn, shake, pre-rolls, shorties, and concentrates under the High Supply brand; vapes and gummies under the Good News brand; vapes and edibles under the Wonder Wellness Co brand; and tinctures, capsules, salves, and sublingual oils under the Remedi brand.

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