Verano (OTCMKTS:VRNOF) Trading 8.4% Higher - What's Next?

Key Points

• Verano Holdings Corp. saw its stock price increase by 8.4%, reaching a high of $1.80 before closing at $1.59, despite trading volume decreasing by 57% compared to average levels.
• Analysts have issued optimistic ratings for Verano, with Canaccord Genuity Group upgrading it to a "strong-buy," contributing to a current average rating of "Strong Buy."
• For the latest quarter, Verano reported a revenue of $202.27 million, below analysts' expectations, and a negative net margin of 40.84% with projections of a -0.18 EPS for the fiscal year.

Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report) traded up 8.4% on Wednesday . The stock traded as high as $1.80 and last traded at $1.59. 269,085 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 619,930 shares. The stock had previously closed at $1.47.

Analysts Set New Price Targets

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

Verano Trading Up 7.5%

The company has a market cap of $571.68 million, a PE ratio of -1.61 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. The stock has a 50 day moving average price of $1.37 and a 200 day moving average price of $0.88.

Verano (OTCMKTS:VRNOF - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). The company had revenue of $202.27 million during the quarter, compared to analysts' expectations of $211.80 million. Verano had a negative return on equity of 8.63% and a negative net margin of 40.84%. Sell-side analysts predict 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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