Short Interest in Cresco Labs Inc. (OTCMKTS:CRLBF) Decreases By 12.4%

Cresco Labs Inc. (OTCMKTS:CRLBF) was the target of a large decrease in short interest in the month of July. As of July 15th, there was short interest totalling 1,744,000 shares, a decrease of 12.4% from the June 30th total of 1,990,300 shares. Based on an average daily trading volume, of 901,600 shares, the short-interest ratio is presently 1.9 days.

Cresco Labs Stock Performance

Cresco Labs stock traded up $0.01 during mid-day trading on Wednesday, reaching $1.60. The company had a trading volume of 252,781 shares, compared to its average volume of 833,678. The company has a quick ratio of 0.89, a current ratio of 1.36 and a debt-to-equity ratio of 1.57. Cresco Labs has a 52 week low of $1.00 and a 52 week high of $2.77. The company has a 50 day moving average of $1.69 and a 200-day moving average of $1.90. The firm has a market cap of $781.02 million, a price-to-earnings ratio of -3.40 and a beta of 1.86.

Cresco Labs (OTCMKTS:CRLBF) last issued its quarterly earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). Cresco Labs had a negative net margin of 20.32% and a negative return on equity of 6.78%. The firm had revenue of $184.30 million during the quarter, compared to the consensus estimate of $183.31 million. On average, sell-side analysts expect that Cresco Labs will post -0.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRLBF. Needham & Company LLC reaffirmed a “hold” rating on shares of Cresco Labs in a report on Thursday, May 16th. Wedbush upped their price objective on shares of Cresco Labs from $2.50 to $3.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Cresco Labs presently has an average rating of “Moderate Buy” and a consensus target price of $2.63.

Cresco Labs Company Profile

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.