Cresco Labs (OTCMKTS:CRLBF) Trading Down 0.7% – Here’s What Happened

Cresco Labs Inc. (OTCMKTS:CRLBF – Get Free Report)’s stock price dropped 0.7% during trading on Thursday . The company traded as low as $0.6527 and last traded at $0.7351. 315,420 shares were traded during mid-day trading, a decline of 33% from the average session volume of 471,479 shares. The stock had previously closed at $0.74.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners reissued a “buy” rating on shares of Cresco Labs in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy”.

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Cresco Labs Trading Down 0.7%

The firm has a 50-day simple moving average of $0.75 and a 200-day simple moving average of $0.88. The company has a quick ratio of 0.98, a current ratio of 1.78 and a debt-to-equity ratio of 1.66. The stock has a market cap of $369.58 million, a PE ratio of -2.45 and a beta of 1.54.

Cresco Labs (OTCMKTS:CRLBF – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. Cresco Labs had a negative net margin of 15.50% and a negative return on equity of 7.53%. The firm had revenue of $173.34 million for the quarter, compared to the consensus estimate of $166.20 million. Equities analysts forecast that Cresco Labs Inc. will post -0.04 earnings per share for the current year.

About Cresco Labs

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Cresco Labs is a vertically integrated, multi-state cannabis operator in the United States. The company engages in the cultivation, manufacturing and distribution of a broad range of cannabis products, including flower, pre-rolled joints, concentrates, vaporizers, edibles and tinctures. Cresco Labs’ operations span cultivation facilities, processing laboratories and a network of wholesale distribution centers that supply licensed dispensaries and retail outlets across key cannabis markets.

The company’s product portfolio is organized under several branded platforms, such as MÜV, Reserve and High Supply, each designed to address different segments of the adult-use and medical cannabis markets.

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