Cresco Labs (OTCMKTS:CRLBF) Trading 18.9% Higher – Still a Buy?

Shares of Cresco Labs Inc. (OTCMKTS:CRLBF) traded up 18.9% during mid-day trading on Wednesday . The company traded as high as $1.20 and last traded at $1.13. 782,951 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 835,390 shares. The stock had previously closed at $0.95.

Wall Street Analysts Forecast Growth

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

Cresco Labs Stock Up 23.5%

The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.60 and a current ratio of 2.59. The company has a market cap of $589.99 million, a price-to-earnings ratio of -3.01 and a beta of 1.49. The business has a 50-day simple moving average of $0.96 and a 200-day simple moving average of $1.08.

Cresco Labs (OTCMKTS:CRLBF) last issued its earnings results on Thursday, March 5th. The company reported ($0.02) earnings per share for the quarter, hitting the consensus estimate of ($0.02). Cresco Labs had a negative return on equity of 16.61% and a negative net margin of 20.65%.The business had revenue of $164.04 million for the quarter, compared to analyst estimates of $160.87 million. On average, equities analysts anticipate that Cresco Labs Inc. will post -0.11 earnings per share for the current fiscal 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.