Verano (OTCMKTS:VRNOF) Shares Up 9.8% - Should You Buy?

Key Points

• Verano Holdings Corp. (OTCMKTS:VRNOF) saw a significant increase in its stock price, rising by 9.8% during mid-day trading, with shares last trading at $1.41.
• Cormark upgraded Verano from a "hold" rating to a "moderate buy" rating, indicating increased confidence in the stock's potential.
• Despite a revenue of $202.27 million for the last quarter, Verano fell short of analysts' expectations of $211.80 million and reported an EPS of ($0.05), matching consensus estimates.

Verano Holdings Corp. (OTCMKTS:VRNOF - Get Free Report) shares traded up 9.8% on Wednesday . The stock traded as high as $1.44 and last traded at $1.41. 111,519 shares traded hands during trading, a decline of 79% from the average session volume of 539,287 shares. The stock had previously closed at $1.29.

Wall Street Analysts Forecast Growth

Separately, Cormark raised Verano from a "hold" rating to a "moderate buy" rating in a report on Monday, August 11th.

Verano Stock Performance

The business has a 50-day simple moving average of $0.67 and a 200 day simple moving average of $0.72. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.51 and a quick ratio of 1.06. The firm has a market cap of $506.49 million, a PE ratio of -1.43 and a beta of 0.74.

Verano (OTCMKTS:VRNOF - Get Free Report) last issued its 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 during the quarter, compared to the consensus estimate of $211.80 million. Equities research analysts forecast 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.