Cresco Labs (OTCMKTS:CRLBF) Shares Gap Down - Here's What Happened

Key Points

• Cresco Labs Inc. shares opened at $1.14, down from a previous close of $1.20, with the last traded price at $1.21.
• Canaccord Genuity Group downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, although the stock retains a consensus rating of "Buy".
• The company reported a quarterly revenue of $163.62 million, but missed earnings expectations with a reported EPS of ($0.05).

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $1.20, but opened at $1.14. Cresco Labs shares last traded at $1.21, with a volume of 108,306 shares traded.

Wall Street Analyst Weigh In

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 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, the company currently has a consensus rating of "Buy".

Cresco Labs Trading Down 1.1%

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 company has a fifty day moving average price of $0.85 and a 200-day moving average price of $0.74. The firm has a market capitalization of $582.84 million, a price-to-earnings ratio of -9.13 and a beta of 1.54.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last issued its 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). 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 for the quarter, compared to the consensus estimate of $162.00 million. On average, equities research analysts predict that Cresco Labs Inc. will post -0.2 EPS for the current 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.

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