Verano (OTCMKTS:VRNOF) Shares Down 4.8% - Here's What Happened

Key Points

• Verano Holdings Corp. experienced a stock price decline of 4.8%, trading as low as $1.54, with a substantial drop in trading volume, down 45% from the average.
• Analysts have upgraded Verano from a "hold" to a "moderate buy" rating, contributing to an overall average rating of "Strong Buy" across analyst reviews.
• For the latest earnings report, Verano met expectations with an EPS of ($0.05), but reported revenue of $202.27 million, falling short of the consensus estimate of $211.80 million.

Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report)'s stock price fell 4.8% during mid-day trading on Wednesday . The company traded as low as $1.54 and last traded at $1.57. 344,181 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 626,242 shares. The stock had previously closed at $1.65.

Analysts Set New Price Targets

Separately, Cormark raised Verano from a "hold" rating to a "moderate buy" rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the company has an average rating of "Strong Buy".

Verano Stock Down 1.9%

The firm has a 50-day moving average price of $1.29 and a 200 day moving average price of $0.85. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.51 and a quick ratio of 1.06. The company has a market cap of $585.39 million, a price-to-earnings ratio of -1.65 and a beta of 0.88.

Verano (OTCMKTS:VRNOF - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). Verano had a negative return on equity of 8.63% and a negative net margin of 40.84%.The company had revenue of $202.27 million for the quarter, compared to the consensus estimate of $211.80 million. Sell-side analysts predict that Verano Holdings Corp. will post -0.18 EPS for the current year.

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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