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

Key Points

• Cresco Labs' stock price increased from $1.48 to open at $1.58, with the last trading price at $1.52 and a volume of 117,888 shares.
• Wall Street has mixed opinions on Cresco Labs, with Canaccord Genuity lowering its rating to "moderate buy," while one analyst maintains a "strong buy" rating.
• In its latest earnings report, Cresco Labs missed earnings expectations, posting a loss of ($0.05) per share, but reported revenue of $163.62 million, exceeding the estimate.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $1.48, but opened at $1.58. Cresco Labs shares last traded at $1.52, with a volume of 117,888 shares traded.

Analyst Ratings Changes

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

Cresco Labs Trading Down 8.4%

The company's 50 day simple moving average is $0.79 and its two-hundred day simple moving average is $0.73. 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 company has a market capitalization of $677.61 million, a price-to-earnings ratio of -10.62 and a beta of 1.54.

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). Cresco Labs had a negative return on equity of 11.77% and a negative net margin of 6.67%.The business had revenue of $163.62 million for the quarter, compared to analyst estimates of $162.00 million. As a group, research analysts anticipate 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.