Cresco Labs Reports Quarterly Earnings, Meets Expectations

Cresco Labs (OTCMKTS:CRLBF - Get Free Report) announced its quarterly earnings results on Friday. The company reported earnings per share of ($0.01) for the quarter, which aligns with analysts' consensus estimates of ($0.01), according to reports. The total revenue reported by Cresco Labs for the quarter was $176.00 million, surpassing analyst expectations of $172.10 million. Despite this positive revenue outlook, Cresco Labs experienced a negative return on equity of 16.52% and a negative net margin of 9.15%.

Cresco Labs Stock Performance

On Friday, the shares of CRLBF opened at $0.75. The company's 50-day moving average price stands at $0.89, while its 200-day moving average price is at $1.20. Cresco Labs has seen a yearly low of $0.70 and a high of $2.60 over the past 12 months. The firm currently holds a market capitalization of $364.25 million with a price-to-earnings ratio of -3.73 and a beta of 1.79. Financially, the company has a current ratio of 1.97, a quick ratio of 1.39, and a debt-to-equity ratio of 1.80.

Analyst Ratings Changes

In addition to its earnings release, Cresco Labs faced changes in analyst ratings. Atb Cap Markets downgraded the stock from a "strong-buy" rating to a "hold" rating in a recent research note. Currently, three analysts have assigned a hold rating, one has issued a buy rating, and two have given the stock a strong buy rating. The general consensus rating for Cresco Labs stands at "Moderate Buy" with an average price target of $3.00 according to MarketBeat.

Cresco Labs Company Overview

Cresco Labs, along with its subsidiaries, focuses on cultivating, manufacturing, and selling retail and medical cannabis products across the United States. The company offers a diverse range of cannabis products, including flowers, vape pens, live resins, disposable pens, and extracts under the Cresco brand. Additionally, they provide various products under other brands such as High Supply, Good News, Wonder Wellness Co, and Remedi.

Investment Considerations

Before making an investment decision regarding Cresco Labs, it is essential to evaluate the company's current standing and market expectations. Analysts keep track of high-potential stocks and favor specific investments. Presently, Cresco Labs is not listed among the five stocks that top analysts recommend as strong buys. While it has a Moderate Buy rating, there may be more promising options available in the market worth considering.

Cresco, Earnings, Investment