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

Key Points

• Cresco Labs' stock price increased significantly, opening at $1.05 after closing at $0.98, indicating a strong market response to recent developments.
• Analysts at Canaccord Genuity downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, reflecting a shift in investor sentiment.
• The company reported a revenue of $163.62 million for the last quarter but missed earnings per share estimates, revealing ongoing financial challenges.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $0.98, but opened at $1.05. Cresco Labs shares last traded at $1.03, with a volume of 397,974 shares.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lowered shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy".

Cresco Labs Trading Up 3.4%

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 50-day moving average price of $0.67 and a 200-day moving average price of $0.71. 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 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 firm had revenue of $163.62 million during the quarter, compared to the consensus estimate of $162.00 million. As a group, equities analysts forecast that Cresco Labs Inc. will post -0.2 EPS 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.