Verano (OTCMKTS:VRNOF) Shares Gap Up – Here’s Why

Verano Holdings Corp. (OTCMKTS:VRNOF) shares gapped up before the market opened on Friday . The stock had previously closed at $1.50, but opened at $1.57. Verano shares last traded at $1.54, with a volume of 41,579 shares changing hands.

Analysts Set New Price Targets

Separately, Cormark raised Verano from a “hold” rating to a “moderate buy” rating in a research note on Monday, August 11th.

Verano Trading Down 19.3%

The company has a 50 day simple moving average of $0.65 and a 200 day simple moving average of $0.73. The company has a current ratio of 2.51, a quick ratio of 1.06 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $437.75 million, a PE ratio of -1.23 and a beta of 0.74.

Verano (OTCMKTS:VRNOF) last released its earnings results on Thursday, August 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). Verano had a negative return on equity of 8.63% and a negative net margin of 40.84%. The company had revenue of $202.27 million for the quarter, compared to analysts’ expectations of $211.80 million. Analysts predict that Verano Holdings Corp. will post -0.18 earnings per share for the current fiscal year.

Verano Company Profile

Verano Holdings Corp. operates as a vertically integrated multi-state cannabis operator in the United States. The company engages in the cultivation, processing, wholesale, and retail distribution of cannabis in Arizona, Arkansas, Connecticut, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, Ohio, Pennsylvania, and West Virginia.