Cresco Labs (OTCMKTS:CRLBF) Shares Gap Down - Time to Sell?

Key Points

• Cresco Labs shares gapped down significantly, opening at $1.12 after closing at $1.20, and currently trading at $1.09 with a trading volume of 148,963 shares.
• Analysts are cautious, with Canaccord Genuity Group downgrading the stock from a "strong-buy" to a "moderate buy," although the average analyst rating remains a "buy."
• The company reported a revenue of $163.62 million but missed EPS estimates, posting ($0.05) against a consensus of ($0.04), reflecting a negative net margin of 6.67%.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $1.20, but opened at $1.12. Cresco Labs shares last traded at $1.09, with a volume of 148,963 shares.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group downgraded shares of 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 issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy".

Cresco Labs Stock Down 7.5%

The stock has a market cap of $545.03 million, a PE ratio of -8.54 and a beta of 1.56. 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 business has a 50-day moving average price of $0.96 and a 200-day moving average price of $0.76.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last announced 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 net margin of 6.67% and a negative return on equity of 11.77%. The business had revenue of $163.62 million for the quarter, compared to analysts' expectations of $162.00 million. As a group, analysts forecast that Cresco Labs Inc. will post -0.2 earnings per share 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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