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

Key Points

• Cresco Labs shares opened at $1.13, up from a previous closing price of $1.06, but last traded at $1.04 with a trading volume of 39,643 shares.
• Canaccord Genuity Group has downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, while the company holds an average rating of "Buy" from analysts.
• In its latest earnings report, Cresco Labs missed earnings expectations, reporting EPS of ($0.05) against a consensus estimate of ($0.04), while revenue was $163.62 million, slightly above expectations.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $1.06, but opened at $1.13. Cresco Labs shares last traded at $1.04, with a volume of 39,643 shares.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group cut shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy".

Cresco Labs Stock Performance

The firm's 50 day moving average is $0.96 and its two-hundred day moving average is $0.76. The company has a debt-to-equity ratio of 1.33, a quick ratio of 2.22 and a current ratio of 3.10.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $163.62 million for the quarter, compared to the consensus estimate of $162.00 million. Analysts expect 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.