Cronos Group (NASDAQ:CRON) Sees Strong Trading Volume – Here’s Why

Shares of Cronos Group Inc. (NASDAQ:CRON) saw unusually-high trading volume on Wednesday . Approximately 4,253,676 shares were traded during trading, an increase of 257% from the previous session’s volume of 1,191,627 shares.The stock last traded at $2.9850 and had previously closed at $2.73.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. TD Securities assumed coverage on shares of Cronos Group in a research note on Tuesday, February 24th. They issued a “buy” rating for the company. Canaccord Genuity Group assumed coverage on shares of Cronos Group in a research note on Tuesday, January 27th. They issued a “buy” rating for the company. Zacks Research downgraded shares of Cronos Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Weiss Ratings downgraded shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Finally, Wall Street Zen upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.30.

Cronos Group Price Performance

The firm’s 50 day moving average is $2.59 and its 200 day moving average is $2.60. The company has a market cap of $1.07 billion, a PE ratio of -284.22 and a beta of 0.81.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $58.39 million during the quarter, compared to analysts’ expectations of $38.51 million. Cronos Group had a negative net margin of 6.44% and a negative return on equity of 1.12%. As a group, analysts anticipate that Cronos Group Inc. will post 0.08 EPS for the current year.

Hedge Funds Weigh In On Cronos Group

Several hedge funds have recently bought and sold shares of CRON. Jones Financial Companies Lllp grew its stake in Cronos Group by 291.6% during the first quarter. Jones Financial Companies Lllp now owns 65,099 shares of the company’s stock valued at $118,000 after acquiring an additional 48,476 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Cronos Group by 84.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,076,405 shares of the company’s stock worth $1,948,000 after buying an additional 493,161 shares in the last quarter. Envestnet Asset Management Inc. purchased a new position in Cronos Group in the 2nd quarter worth approximately $36,000. Legal & General Group Plc grew its stake in Cronos Group by 16.1% in the 2nd quarter. Legal & General Group Plc now owns 195,368 shares of the company’s stock worth $374,000 after buying an additional 27,111 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Cronos Group by 192.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 89,683 shares of the company’s stock worth $171,000 after buying an additional 59,013 shares in the last quarter. Hedge funds and other institutional investors own 8.71% of the company’s stock.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.