Cresco Labs (OTCMKTS:CRLBF) Announces Quarterly Earnings Results

Cresco Labs (OTCMKTS:CRLBF) released its earnings results on Friday. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01), reports. The firm had revenue of $179.78 million for the quarter, compared to the consensus estimate of $185.23 million. Cresco Labs had a negative return on equity of 17.03% and a negative net margin of 23.07%.

Cresco Labs Price Performance

OTCMKTS:CRLBF traded down $0.04 during mid-day trading on Friday, reaching $1.24. 991,863 shares of the stock were exchanged, compared to its average volume of 670,762. Cresco Labs has a 1-year low of $1.09 and a 1-year high of $2.65. The company has a current ratio of 2.00, a quick ratio of 1.30 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $605.29 million, a PE ratio of -6.20 and a beta of 1.88. The business has a fifty day moving average price of $1.60 and a 200 day moving average price of $1.72.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Roth Capital raised shares of Cresco Labs from a “hold” rating to a “strong-buy” rating in a report on Friday, August 9th. Ventum Cap Mkts raised shares of Cresco Labs to a “strong-buy” rating in a research report on Friday, August 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cresco Labs in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $2.50.

Cresco Labs Company Profile

Cresco Labs Inc, together with its subsidiaries, cultivates, manufactures, and sells retail and medical cannabis products in the United States. It provides cannabis in flowers, vape pens, live resins, disposable pens, and extracts under the Cresco brand; vape carts, vape pens, flower, popcorn, shake, pre-rolls, shorties, and concentrates under the High Supply brand; vapes and gummies under the Good News brand; vapes and edibles under the Wonder Wellness Co brand; and tinctures, capsules, salves, and sublingual oils under the Remedi brand.