Verano (OTCMKTS:VRNOF) Shares Up 3.2% - Here's What Happened

Key Points

• Verano Holdings Corp. shares rose 3.2% to $1.16, despite an 18% decline in trading volume compared to its average session.
• Cormark upgraded Verano's rating from "hold" to "moderate buy," contributing to the stock's current consensus rating of "Strong Buy" among analysts.
• The company reported a revenue of $202.27 million for the recent quarter, falling short of estimates, with anticipated earnings per share of -0.18 for the current year.

Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report) shares shot up 3.2% during mid-day trading on Tuesday . The stock traded as high as $1.23 and last traded at $1.16. 576,815 shares were traded during trading, a decline of 18% from the average session volume of 704,148 shares. The stock had previously closed at $1.12.

Analysts Set New Price Targets

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

Verano Trading Up 3.2%

The company's fifty day moving average is $1.12 and its two-hundred day moving average is $0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.06 and a current ratio of 2.51. The company has a market cap of $418.22 million, a price-to-earnings ratio of -1.18 and a beta of 0.93.

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 the consensus estimate of ($0.05). Verano had a negative net margin of 40.84% and a negative return on equity of 8.63%. The company had revenue of $202.27 million for the quarter, compared to the consensus estimate of $211.80 million. On average, research analysts anticipate 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.

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