Cresco Labs (OTCMKTS:CRLBF) Shares Gap Up - Time to Buy?

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)'s share price gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group downgraded Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Cresco Labs presently has a consensus rating of "Buy".

Cresco Labs Stock Up 3.4%

The stock has a fifty day moving average of $0.67 and a 200 day moving average of $0.71. The firm has a market capitalization of $606.66 million, a P/E ratio of -9.50 and a beta of 1.42. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.10 and a quick ratio of 2.22.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). The business had revenue of $163.62 million for 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%. On average, research analysts anticipate that Cresco Labs Inc. will post -0.2 EPS for the current fiscal 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.