Cresco Labs Inc. (OTCMKTS:CRLBF) Sees Large Decline in Short Interest

Cresco Labs Inc. (OTCMKTS:CRLBF) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 1,256,300 shares, a decrease of 28.0% from the August 31st total of 1,744,300 shares. Based on an average daily volume of 939,700 shares, the days-to-cover ratio is presently 1.3 days.

Cresco Labs Stock Performance

Cresco Labs stock traded down $0.03 during midday trading on Friday, reaching $1.65. 182,697 shares of the company traded hands, compared to its average volume of 752,763. Cresco Labs has a 12 month low of $1.06 and a 12 month high of $2.65. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.00 and a quick ratio of 1.30. The business has a 50 day moving average of $1.66 and a two-hundred day moving average of $1.83. The firm has a market capitalization of $805.43 million, a price-to-earnings ratio of -3.51 and a beta of 1.85.

Cresco Labs (OTCMKTS:CRLBF) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.15). Cresco Labs had a negative net margin of 23.07% and a negative return on equity of 17.03%. The firm had revenue of $184.36 million for the quarter, compared to the consensus estimate of $184.26 million. As a group, research analysts predict that Cresco Labs will post -0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Roth Capital upgraded shares of Cresco Labs from a “hold” rating to a “strong-buy” rating in a report on Friday, August 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cresco Labs in a research note on Monday, August 12th. Finally, Ventum Cap Mkts raised Cresco Labs to a “strong-buy” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Cresco Labs has a consensus rating of “Buy” and an average price target of $2.50.

About Cresco Labs

Cresco Labs Inc, together with its subsidiaries, cultivates, manufactures, and sells retail and medical cannabis products in the United States. It provides cannabis in flowers, vape pens, live resins, disposable pens, and extracts under the Cresco brand; vape carts, vape pens, flower, popcorn, shake, pre-rolls, shorties, and concentrates under the High Supply brand; vapes and gummies under the Good News brand; vapes and edibles under the Wonder Wellness Co brand; and tinctures, capsules, salves, and sublingual oils under the Remedi brand.