Verano (OTCMKTS:VRNOF) Shares Gap Up - Here's What Happened

Key Points

• Verano Holdings Corp. shares gapped up from $1.50 to $1.57 on Friday, with the latest trading at $1.54 and a volume of 41,579 shares.
• Cormark raised its rating of Verano from "hold" to a "moderate buy," indicating positive sentiment among analysts.
• The company reported quarterly earnings of ($0.05) per share, meeting estimates, but fell short of revenue expectations with $202.27 million compared to the anticipated $211.80 million.

Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $1.50, but opened at $1.57. Verano shares last traded at $1.54, with a volume of 41,579 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Cormark raised shares of Verano from a "hold" rating to a "moderate buy" rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Strong Buy".

Verano Trading Up 10.0%

The firm has a market capitalization of $557.14 million, a PE ratio of -1.57 and a beta of 0.74. The company's 50-day simple moving average is $0.69 and its 200 day simple moving average is $0.73. The company has a quick ratio of 1.06, a current ratio of 2.51 and a debt-to-equity ratio of 0.53.

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