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

Key Points

• Cresco Labs Inc. shares opened at $1.06 after closing at $0.99, reflecting a positive gap up in trading activity.
• Canaccord Genuity Group downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, with a current consensus rating of "Moderate Buy" among analysts.
• The company reported a revenue of $163.62 million for the last quarter, slightly exceeding analyst expectations, but suffered a miss on earnings per share (EPS) of ($0.05).

Shares of Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $0.99, but opened at $1.06. Cresco Labs shares last traded at $1.06, with a volume of 181,441 shares changing hands.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group cut Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a research report on Tuesday, June 3rd.

Cresco Labs Trading Down 10.8%

The stock has a market cap of $488.56 million, a PE ratio of -7.65 and a beta of 1.42. The business has a 50-day moving average of $0.60 and a 200 day moving average of $0.71. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.98 and a current ratio of 3.10.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). The company had revenue of $163.62 million for the quarter, compared to analysts' expectations of $162.00 million. Cresco Labs had a negative return on equity of 11.77% and a negative net margin of 6.67%. Equities research analysts predict 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.