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

Key Points

• Cresco Labs Inc. shares saw a price increase from $1.16 to $1.21 before the market opened, with a trading volume of 96,365 shares.
• The company reported a loss of ($0.05) earnings per share (EPS) in its latest earnings report, missing the analysts' consensus estimate of ($0.04).
• Canaccord Genuity downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, while the stock currently holds a consensus rating of "Buy" from analysts.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $1.16, but opened at $1.21. Cresco Labs shares last traded at $1.16, with a volume of 96,365 shares traded.

Analyst Ratings Changes

Separately, Canaccord Genuity Group downgraded shares of 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 assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy".

Cresco Labs Trading Down 1.3%

The stock has a market cap of $562.22 million, a PE ratio of -8.81 and a beta of 1.56. The business's fifty day moving average is $0.89 and its 200 day moving average is $0.75. The company has a quick ratio of 2.22, a current ratio of 3.10 and a debt-to-equity ratio of 1.33.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last released its 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 net margin of 6.67% and a negative return on equity of 11.77%. The company had revenue of $163.62 million during the quarter, compared to analysts' expectations of $162.00 million. As a group, analysts predict that Cresco Labs Inc. will post -0.2 earnings per share for the current 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.

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