Cronos Group (NASDAQ:CRON) Shares Gap Up – Here’s What Happened

Cronos Group Inc. (NASDAQ:CRON) shares gapped up prior to trading on Monday . The stock had previously closed at $2.54, but opened at $2.78. Cronos Group shares last traded at $2.6950, with a volume of 1,531,848 shares.

Analyst Ratings Changes

Several research firms have recently weighed in on CRON. Canaccord Genuity Group began coverage on shares of Cronos Group in a research report on Tuesday, January 27th. They issued a “buy” rating for the company. Weiss Ratings downgraded shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday, March 2nd. TD Securities assumed coverage on shares of Cronos Group in a research report on Tuesday, February 24th. They issued a “buy” rating for the company. Sanford C. Bernstein restated a “market perform” rating and issued a $2.30 target price on shares of Cronos Group in a research report on Wednesday, January 14th. Finally, Wall Street Zen upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Two investment 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. Based on data from MarketBeat, Cronos Group currently has an average rating of “Hold” and an average price target of $2.30.

Cronos Group Stock Up 8.1%

The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -274.23 and a beta of 0.87. The firm’s 50 day moving average is $2.59 and its 200 day moving average is $2.60.

Cronos Group (NASDAQ:CRON) last released its earnings results on Monday, May 11th. The company reported $0.01 EPS for the quarter, meeting the consensus estimate of $0.01. Cronos Group had a negative net margin of 6.44% and a negative return on equity of 1.12%. On average, sell-side analysts predict that Cronos Group Inc. will post 0.08 earnings per share for the current year.

Institutional Trading of Cronos Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Octavia Wealth Advisors LLC acquired a new stake in Cronos Group during the fourth quarter valued at approximately $28,000. Brooklyn Investment Group lifted its stake in Cronos Group by 5,733.0% during the third quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock valued at $30,000 after purchasing an additional 10,778 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Cronos Group during the third quarter valued at approximately $31,000. Valeo Financial Advisors LLC acquired a new stake in Cronos Group during the fourth quarter valued at approximately $30,000. Finally, Scientech Research LLC acquired a new stake in Cronos Group during the third quarter valued at approximately $32,000. 8.71% of the stock is owned by institutional investors and hedge funds.

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.