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

Cresco Labs Inc. (OTCMKTS:CRLBF) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 882,800 shares, a growth of 87.2% from the February 28th total of 471,500 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average daily volume of 1,754,500 shares, the days-to-cover ratio is presently 0.5 days.

Cresco Labs Stock Performance

Shares of OTCMKTS:CRLBF opened at $0.78 on Friday. The business has a 50-day moving average of $0.85 and a two-hundred day moving average of $1.14. The firm has a market capitalization of $380.65 million, a PE ratio of -3.90 and a beta of 1.79. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.97 and a quick ratio of 1.39. Cresco Labs has a 12 month low of $0.52 and a 12 month high of $2.60.

Cresco Labs (OTCMKTS:CRLBF) last posted its earnings results on Friday, March 14th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $176.00 million during the quarter, compared to the consensus estimate of $172.10 million. Cresco Labs had a negative net margin of 9.15% and a negative return on equity of 16.52%. As a group, research analysts forecast that Cresco Labs will post -0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CRLBF shares. Cormark raised Cresco Labs from a “hold” rating to a “moderate buy” rating in a research note on Monday, March 17th. Atb Cap Markets cut shares of Cresco Labs from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $3.00.

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.