Verano (OTCMKTS:VRNOF) Shares Gap Down - Here's Why

Key Points

• Verano Holdings Corp. (OTCMKTS: VRNOF) experienced a gap down in its stock price, opening at $1.41, down from a previous close of $1.48, with a trading volume of 44,637 shares.
• Equities research analysts have recently upgraded Verano's stock rating, with Cormark recommending a "moderate buy" and Canaccord Genuity giving it a "strong buy," leading to an average rating of "Strong Buy."
• The company reported earnings of ($0.05) per share for the last quarter, meeting analysts' expectations, but revealed a revenue of $202.27 million, which fell short of the estimated $211.80 million.

Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $1.48, but opened at $1.41. Verano shares last traded at $1.41, with a volume of 44,637 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VRNOF shares. Cormark raised shares of Verano from a "hold" rating to a "moderate buy" rating in a report on Monday, August 11th. Canaccord Genuity Group upgraded Verano to a "strong-buy" rating in a research report on Thursday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, According to MarketBeat, the company presently has an average rating of "Strong Buy".

Verano Price Performance

The firm has a market cap of $486.29 million, a PE ratio of -1.37 and a beta of 0.88. The company has a quick ratio of 1.06, a current ratio of 2.51 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average price of $1.41 and a two-hundred day moving average price of $0.92.

Verano (OTCMKTS:VRNOF - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Verano had a negative return on equity of 8.63% and a negative net margin of 40.84%.The business had revenue of $202.27 million for the quarter, compared to analyst estimates of $211.80 million. As a group, equities analysts expect that Verano Holdings Corp. will post -0.18 earnings per share for the current year.

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.

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