Needham analyst Matt McGinley assigned a Hold rating to Cresco Labs (CRLBF) today. The company’s shares closed last Tuesday at $8.89, close to its 52-week high of $8.91.
According to TipRanks.com, McGinley is a 5-star analyst with an average return of 67.8% and a 81.3% success rate. McGinley covers the Basic Materials sector, focusing on stocks such as Green Thumb Industries, Trulieve Cannabis, and Curaleaf Holdings.
Currently, the analyst consensus on Cresco Labs is a Strong Buy with an average price target of $9.91.
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Based on Cresco Labs’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $94.26 million and GAAP net loss of $18.9 million. In comparison, last year the company earned revenue of $29.89 million and had a GAAP net loss of $2.03 million.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRLBF in relation to earlier this year.
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Cresco Labs Inc is a Canada based company engaged in the production and sale of cannabis. The company distribute its products to dispensaries nationwide, including several dispensaries owned and operated by its team. Its product includes Reserve, Remedi, Mindy’s. All the revenues of the company were generated in the United States. It has ownership interests in Illinois, Pennsylvania, Ohio, California, Maryland, and Arizona.