Cresco Labs (OTCMKTS:CRLBF) Shares Up 32% - Here's What Happened

Key Points

• Cresco Labs shares surged by 32% to $1.36, significantly increasing volume by 351% compared to the average session.
• Despite the stock's positive movement, Canaccord Genuity downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating.
• Cresco Labs reported earnings of ($0.05) per share, missing expectations, but achieved revenues of $163.62 million for the quarter.

Shares of Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) shot up 32% on Monday . The stock traded as high as $1.37 and last traded at $1.36. 3,572,498 shares traded hands during mid-day trading, an increase of 351% from the average session volume of 792,804 shares. The stock had previously closed at $1.03.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group cut shares of Cresco Labs from a "strong-buy" rating to a "moderate buy" rating in a report 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.com, Cresco Labs presently has an average rating of "Buy".

Cresco Labs Price Performance

The company has a market cap of $484.06 million, a PE ratio of -10.46 and a beta of 1.54. The firm has a 50 day simple moving average of $1.03 and a 200-day simple moving average of $0.77. 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 quarterly earnings results on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). The firm had revenue of $163.62 million during the quarter, compared to the consensus estimate of $162.00 million. Cresco Labs had a negative net margin of 6.67% and a negative return on equity of 11.77%. As a group, research analysts predict 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.

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