Verano (OTCMKTS:VRNOF) Trading Up 5.1% - Here's Why

Key Points

• Verano Holdings Corp. shares increased by 5.1% during mid-day trading, reaching a high of $1.68 before settling at $1.66.
• The company's rating was upgraded from "hold" to "moderate buy" by Cormark, with a consensus rating of "Strong Buy" from analysts.
• For the last quarter, Verano reported earnings of ($0.05) per share and revenue of $202.27 million, falling short of the consensus estimate of $211.80 million.

Shares of Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report) shot up 5.1% during mid-day trading on Tuesday . The company traded as high as $1.68 and last traded at $1.66. 122,378 shares were traded during trading, a decline of 80% from the average session volume of 623,706 shares. The stock had previously closed at $1.58.

Analyst Ratings Changes

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

Verano Price Performance

The stock has a 50-day moving average price of $1.26 and a two-hundred day moving average price of $0.84. The stock has a market cap of $557.20 million, a price-to-earnings ratio of -1.57 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 results on Thursday, August 7th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $202.27 million during the quarter, compared to the consensus estimate of $211.80 million. Verano had a negative return on equity of 8.63% and a negative net margin of 40.84%. As a group, equities research analysts forecast that Verano Holdings Corp. will post -0.18 EPS for the current 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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