Cresco Labs (OTCMKTS:CRLBF) Trading 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 was down 8.3% during trading on Tuesday . The stock traded as low as $1.04 and last traded at $1.04. Approximately 1,164,671 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 779,959 shares. The stock had previously closed at $1.13.

Analyst Ratings Changes

Separately, Canaccord Genuity Group cut shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a research 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy".

Cresco Labs Stock Performance

The company's 50-day moving average price is $0.67 and its 200 day moving average price is $0.71. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.22 and a current ratio of 3.10. The stock has a market capitalization of $606.66 million, a PE ratio of -9.50 and a beta of 1.42.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last posted its 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 return on equity of 11.77% and a negative net margin of 6.67%.The company had revenue of $163.62 million during the quarter, compared to analysts' expectations of $162.00 million. On average, equities research analysts expect that Cresco Labs Inc. will post -0.2 earnings per share for the current fiscal year.

Cresco Labs Company Profile

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.