Cresco Labs (OTCMKTS:CRLBF) Stock Price Down 12.3% – Time to Sell?

Cresco Labs Inc. (OTCMKTS:CRLBF) dropped 12.3% on Thursday . The stock traded as low as $1.41 and last traded at $1.68. Approximately 4,433,169 shares traded hands during trading, an increase of 379% from the average daily volume of 924,955 shares. The stock had previously closed at $1.9160.

Analysts Set New Price Targets

Several research analysts have commented on CRLBF shares. Zacks Research raised Cresco Labs from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. ATB Capital upgraded Cresco Labs to an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Atb Cap Markets upgraded Cresco Labs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Cresco Labs has an average rating of “Buy”.

Cresco Labs Stock Up 6.7%

The company has a market cap of $455.59 million, a price-to-earnings ratio of -8.53 and a beta of 1.55. The stock’s 50-day moving average is $1.07 and its 200-day moving average is $0.94. The company has a current ratio of 2.49, a quick ratio of 1.54 and a debt-to-equity ratio of 1.28.

Cresco Labs (OTCMKTS:CRLBF) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.02). Cresco Labs had a negative net margin of 7.79% and a negative return on equity of 14.25%. The company had revenue of $165.00 million during the quarter, compared to the consensus estimate of $163.74 million. On average, analysts anticipate that Cresco Labs Inc. will post -0.2 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.