Verano (OTCMKTS:VRNOF) Posts 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 for the quarter, hitting analysts' consensus estimates of ($0.05), Zacks reports. Verano had a negative return on equity of 8.06% and a negative net margin of 40.20%. The business had revenue of $202.27 million for the quarter, compared to the consensus estimate of $211.80 million.

Verano Stock Up 13.0%

Shares of VRNOF stock traded up $0.11 on Friday, hitting $0.96. The stock had a trading volume of 859,855 shares, compared to its average volume of 510,813. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.15 and a quick ratio of 1.01. The business has a 50 day moving average of $0.57 and a 200 day moving average of $0.73. Verano has a 12-month low of $0.41 and a 12-month high of $4.34. The stock has a market cap of $347.31 million, a price-to-earnings ratio of -0.97 and a beta of 0.74.

Analyst Upgrades and Downgrades

Separately, Cormark cut shares of Verano from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 12th.

Verano Company Profile

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.

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