Cresco Labs (OTCMKTS:CRLBF) Trading 10.7% Higher - Here's Why

Key Points

• Shares jumped 10.7% intraday to as high as $1.49 on Tuesday with volume rising ~27% to 1,132,499 shares from the average, after a prior close of $1.30.
• Several recent analyst upgrades lifted the outlook—ATB Capital/Atb Cap Markets moved the stock toward an outperform/strong-buy view and Zacks upgraded to hold—leaving an average MarketBeat rating of "Buy" (one Strong Buy, one Buy, one Hold).
• Cresco reported quarterly EPS of ($0.05), missing estimates by $0.02 while revenue of $165.0M slightly beat estimates; the company has a market cap of $523.2M and a negative net margin of 7.79%.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) shares shot up 10.7% during mid-day trading on Tuesday . The stock traded as high as $1.49 and last traded at $1.4390. 1,132,499 shares traded hands during mid-day trading, an increase of 27% from the average session volume of 890,499 shares. The stock had previously closed at $1.30.

Analyst Ratings Changes

CRLBF has been the topic of a number of recent research reports. ATB Capital upgraded shares of Cresco Labs to an "outperform" rating in a research note on Tuesday, December 2nd. Atb Cap Markets raised shares of Cresco Labs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, December 2nd. Finally, Zacks Research raised shares of Cresco Labs from a "strong sell" rating to a "hold" rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy".

Cresco Labs Price Performance

The company has a debt-to-equity ratio of 1.28, a current ratio of 2.49 and a quick ratio of 1.54. The company's 50 day simple moving average is $1.06 and its 200 day simple moving average is $0.92. The company has a market capitalization of $523.22 million, a PE ratio of -9.80 and a beta of 1.55.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last issued its earnings results on Friday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $165.00 million during the quarter, compared to analyst estimates of $163.74 million. Cresco Labs had a negative net margin of 7.79% and a negative return on equity of 14.25%. As a group, sell-side 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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