Cresco Labs (OTCMKTS:CRLBF) Trading 6.7% Higher - Time to Buy?

Key Points

• Cresco Labs Inc. shares increased by 6.7%, reaching a last trading price of $1.19, despite a significant drop in trading volume.
• Wall Street analysts recently downgraded Cresco Labs from a "strong-buy" to a "moderate buy" rating, indicating a shift in market sentiment.
• The company's recent earnings report showed a loss of ($0.05) EPS, below expectations, while revenue reached $163.62 million, slightly exceeding analysts' forecasts.

Cresco Labs Inc. (OTCMKTS:CRLBF - Get Free Report) shares traded up 6.7% during mid-day trading on Thursday . The stock traded as high as $1.19 and last traded at $1.19. 305,041 shares changed hands during trading, a decline of 59% from the average session volume of 741,981 shares. The stock had previously closed at $1.12.

Wall Street Analyst Weigh In

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 analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy".

Cresco Labs Stock Down 10.1%

The company has a market capitalization of $500.84 million, a PE ratio of -7.85 and a beta of 1.42. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.10 and a quick ratio of 2.22. The business's 50 day simple moving average is $0.64 and its 200 day simple moving average is $0.71.

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). The business had revenue of $163.62 million during the quarter, compared to analysts' expectations 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, analysts anticipate 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.