Cresco Labs (OTCMKTS:CRLBF) Reports Quarterly Earnings, Meeting Expectations

Cresco Labs (OTCMKTS:CRLBF) released its earnings results on Friday, revealing earnings of ($0.01) per share for the quarter. This amount aligns with analysts' expectations, which also forecasted a loss of ($0.01) per share. The company achieved revenue of $176.00 million for the quarter, surpassing analyst estimates of $172.10 million.

Cresco Labs reported a negative return on equity of 16.52% and a negative net margin of 9.15%, indicating some challenges in profitability. Despite these negative metrics, the revenue figure shows that the company is generating significant sales within the U.S. cannabis market.

Stock Performance of Cresco Labs

The shares of CRLBF opened at $0.75 on Friday. Currently, the company's 50-day moving average price is at $0.89, while the 200-day moving average price stands at $1.20. Over the past year, Cresco Labs has seen its stock price fluctuate, reaching a low of $0.70 and a high of $2.60. The firm holds a market capitalization of approximately $364.25 million, with a price-to-earnings ratio of -3.73 and a beta of 1.79. Additionally, Cresco Labs has a current ratio of 1.97, a quick ratio of 1.39, and a debt-to-equity ratio of 1.80.

Changes in Analyst Ratings

In recent news, ATB Capital Markets downgraded Cresco Labs from a "strong-buy" rating to a "hold" rating in a report released on December 9th. There are currently three research analysts who have rated the stock with a hold rating, one analyst has recommended it as a buy, and two have issued a strong buy rating. According to sources, Cresco Labs holds a consensus rating of "Moderate Buy" among analysts, with an average price target set at $3.00.

About Cresco Labs

Cresco Labs Inc. operates in the United States, focusing on the cultivation, manufacturing, and sale of both retail and medical cannabis products. The company offers a variety of products under different brands including Cresco, High Supply, Good News, Wonder Wellness Co, and Remedi, which encompass items like flowers, vape pens, live resins, and edibles.

Cresco, Earnings, Cannabis