Cresco Labs (OTCMKTS:CRLBF) Trading Down 2% Following Weak Earnings

Shares of Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) traded down 2% during mid-day trading on Monday following a weaker than expected earnings announcement. The company traded as low as $0.58 and last traded at $0.59. 549,348 shares changed hands during trading, a decline of 14% from the average session volume of 640,046 shares. The stock had previously closed at $0.60.

The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.01). Cresco Labs had a negative net margin of 9.15% and a negative return on equity of 16.52%. The firm had revenue of $165.76 million for the quarter, compared to analysts' expectations of $164.37 million.

Wall Street Analyst Weigh In

CRLBF has been the topic of a number of recent research reports. Cormark raised shares of Cresco Labs from a "hold" rating to a "moderate buy" rating in a research note on Monday, March 17th. Canaccord Genuity Group downgraded shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a report on Tuesday. Two research analysts have rated the stock with a hold rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy".

Cresco Labs Trading Up 3.9%

The stock has a market capitalization of $260.24 million, a P/E ratio of -2.65 and a beta of 1.73. The stock's fifty day moving average price is $0.70 and its 200 day moving average price is $0.85. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.97 and a quick ratio of 1.39.

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.