Cresco Labs (OTCMKTS:CRLBF) Shares Down 8.3% - Here's Why

Key Points

• Cresco Labs' stock price declined by 8.3% on Tuesday, trading as low as $1.04, with a significant increase in trading volume.
• Canaccord Genuity Group downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, with mixed ratings from analysts reflecting a consensus of "Buy."
• The company's recent quarterly earnings revealed a loss of ($0.05) EPS, missing the consensus estimate, despite reporting revenue of $163.62 million.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report)'s stock price fell 8.3% on Tuesday . The stock traded as low as $1.04 and last traded at $1.04. 1,164,671 shares traded hands during trading, an increase of 49% from the average session volume of 779,959 shares. The stock had previously closed at $1.13.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lowered Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Cresco Labs presently has a consensus rating of "Buy".

Cresco Labs Trading Down 10.1%

The company has a 50 day moving average of $0.63 and a 200 day moving average of $0.70. The company has a current ratio of 3.10, a quick ratio of 2.22 and a debt-to-equity ratio of 1.33. The firm has a market cap of $500.84 million, a price-to-earnings ratio of -7.85 and a beta of 1.42.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Cresco Labs had a negative net margin of 6.67% and a negative return on equity of 11.77%. The company had revenue of $163.62 million during the quarter, compared to analyst estimates of $162.00 million. As a group, research analysts anticipate that Cresco Labs Inc. will post -0.2 EPS 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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