Cresco Labs Inc. (OTCMKTS:CRLBF) Sees Significant Increase in Short Interest

Cresco Labs Inc. (OTCMKTS:CRLBF) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 1,990,300 shares, a growth of 10.5% from the June 15th total of 1,801,200 shares. Based on an average trading volume of 1,298,900 shares, the short-interest ratio is currently 1.5 days.

Analyst Ratings Changes

A number of research firms recently weighed in on CRLBF. Needham & Company LLC reaffirmed a “hold” rating on shares of Cresco Labs in a research report on Thursday, May 16th. Wedbush raised their price target on Cresco Labs from $2.50 to $3.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2.63.

Cresco Labs Stock Up 1.2 %

Shares of CRLBF traded up $0.02 during mid-day trading on Wednesday, hitting $1.77. 262,105 shares of the company’s stock were exchanged, compared to its average volume of 867,179. The stock’s 50-day moving average is $1.78 and its 200-day moving average is $1.90. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.89 and a current ratio of 1.36. Cresco Labs has a fifty-two week low of $1.00 and a fifty-two week high of $2.77. The company has a market cap of $861.57 million, a price-to-earnings ratio of -3.76 and a beta of 1.86.

Cresco Labs (OTCMKTS:CRLBF) last released its earnings results on Wednesday, May 15th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting 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 company had revenue of $184.30 million for the quarter, compared to analyst estimates of $183.31 million. On average, sell-side analysts anticipate that Cresco Labs will post -0.05 earnings per share for the current fiscal year.

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.