Cresco Labs (OTCMKTS:CRLBF) Shares Gap Up – Still a Buy?

Cresco Labs Inc. (OTCMKTS:CRLBF) gapped up prior to trading on Tuesday . The stock had previously closed at $1.02, but opened at $1.13. Cresco Labs shares last traded at $1.0361, with a volume of 70,809 shares.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Cresco Labs from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Cresco Labs currently has an average rating of “Buy”.

Cresco Labs Price Performance

The firm’s fifty day simple moving average is $0.98 and its 200 day simple moving average is $1.06. The firm has a market cap of $553.04 million, a P/E ratio of -2.82 and a beta of 1.59. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.60 and a current ratio of 2.59.

Cresco Labs (OTCMKTS:CRLBF) last released its quarterly earnings results on Thursday, March 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). Cresco Labs had a negative net margin of 20.65% and a negative return on equity of 16.61%. The company had revenue of $164.04 million for the quarter, compared to the consensus estimate of $160.87 million. As a group, analysts forecast that Cresco Labs Inc. will post -0.08 earnings per share for the current year.

Cresco Labs Company Profile

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.