Verano (OTCMKTS:VRNOF) Announces Quarterly Earnings Results, Meets Expectations

Key Points

• Verano reported quarterly earnings of ($0.05) per share, meeting analysts' expectations, but fell short on revenue with $202.27 million compared to the expected $211.80 million.
• Following the earnings announcement, Verano's stock rose by 13%, trading at $0.96 with a market cap of $347.31 million.
• Cormark downgraded Verano's stock from a "moderate buy" rating to a "hold" rating, reflecting cautious sentiment among analysts.

Verano (OTCMKTS:VRNOF - Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05), Zacks reports. The business had revenue of $202.27 million for the quarter, compared to analyst estimates of $211.80 million. Verano had a negative return on equity of 8.63% and a negative net margin of 40.84%.

Verano Stock Performance

Shares of VRNOF stock traded up $0.08 during trading on Wednesday, reaching $1.36. The company had a trading volume of 271,050 shares, compared to its average volume of 539,867. The firm's 50 day simple moving average is $0.60 and its two-hundred day simple moving average is $0.72. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.51 and a quick ratio of 1.06. Verano has a one year low of $0.41 and a one year high of $4.34. The company has a market capitalization of $492.74 million, a PE ratio of -1.39 and a beta of 0.74.

Analyst Ratings Changes

Separately, Cormark upgraded Verano from a "hold" rating to a "moderate buy" rating in a research note on Monday.

About Verano

Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis in Arizona, Arkansas, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, and West Virginia.