Verano (OTCMKTS:VRNOF) Stock Price Down 6% - Should You Sell?

Key Points

• Verano Holdings Corp. shares fell by 6%, trading at $1.40, with a significant drop in volume to 8,756 shares, 99% lower than its average daily volume.
• A recent analyst upgrade increased Verano's rating from "hold" to "strong-buy," with an overall average rating of "Strong Buy" from two equities research analysts.
• In its latest earnings report, Verano posted a revenue of $202.27 million, which was below analyst estimates of $211.80 million, and reported an EPS of ($0.05), matching expectations.

Shares of Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report) dropped 6% during mid-day trading on Thursday . The company traded as low as $1.36 and last traded at $1.40. Approximately 8,756 shares changed hands during trading, a decline of 99% from the average daily volume of 617,267 shares. The stock had previously closed at $1.49.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Cormark upgraded Verano from a "hold" rating to a "moderate buy" rating in a research note on Monday, August 11th. Canaccord Genuity Group upgraded shares of Verano to a "strong-buy" rating in a report on Thursday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, According to MarketBeat.com, Verano currently has an average rating of "Strong Buy".

Verano Stock Down 5.3%

The business has a 50-day moving average price of $1.41 and a 200-day moving average price of $0.91. The firm has a market cap of $510.53 million, a P/E ratio of -1.44 and a beta of 0.88. The company has a current ratio of 2.51, a quick ratio of 1.06 and a debt-to-equity ratio of 0.53.

Verano (OTCMKTS:VRNOF - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $202.27 million for 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%. On average, equities analysts forecast that Verano Holdings Corp. will post -0.18 EPS for the current fiscal 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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