Cresco Labs (OTCMKTS:CRLBF) Shares Gap Down - What's Next?

Key Points

• Cresco Labs Inc. shares opened at $1.00 after closing at $1.04, reflecting a gap down before market open.
• Canaccord Genuity Group downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating.
• Cresco Labs reported a quarterly revenue of $163.62 million, which surpassed analysts' expectations although they missed on EPS, posting ($0.05) compared to the consensus of ($0.04).

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $1.04, but opened at $1.00. Cresco Labs shares last traded at $1.09, with a volume of 311,335 shares.

Wall Street Analysts Forecast Growth

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.

Cresco Labs Trading Up 15.0%

The company has a quick ratio of 2.22, a current ratio of 3.10 and a debt-to-equity ratio of 1.33. The business's 50 day moving average is $0.61 and its 200-day moving average is $0.70. The firm has a market cap of $554.85 million, a P/E ratio of -8.69 and a beta of 1.42.

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