Stock Traders Purchase Large Volume of Call Options on Cronos Group (NASDAQ:CRON)

Cronos Group Inc. (NASDAQ:CRON) was the recipient of some unusual options trading activity on Tuesday. Stock traders acquired 6,257 call options on the company. This represents an increase of 62% compared to the typical daily volume of 3,864 call options.

Hedge Funds Weigh In On Cronos Group

Several hedge funds have recently bought and sold shares of CRON. Brooklyn Investment Group boosted its holdings in Cronos Group by 5,733.0% in the 3rd 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 period. Swiss Life Asset Management Ltd purchased a new stake in shares of Cronos Group in the third quarter worth $31,000. Scientech Research LLC bought a new stake in Cronos Group during the third quarter valued at $32,000. International Assets Investment Management LLC purchased a new position in Cronos Group during the second quarter worth about $33,000. Finally, Aigen Investment Management LP purchased a new position in Cronos Group during the first quarter worth about $35,000. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Cronos Group Stock Up 12.3%

Shares of NASDAQ:CRON traded up $0.31 during midday trading on Tuesday, reaching $2.78. 2,541,654 shares of the company traded hands, compared to its average volume of 1,906,962. Cronos Group has a 12 month low of $1.60 and a 12 month high of $3.16. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 27.45 and a beta of 0.66. The firm’s fifty day moving average price is $2.50 and its two-hundred day moving average price is $2.32.

Cronos Group (NASDAQ:CRON) last posted its earnings results on Thursday, November 6th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. Cronos Group had a negative return on equity of 1.12% and a net margin of 27.27%.The business had revenue of $36.34 million during the quarter, compared to analyst estimates of $36.47 million. Analysts forecast that Cronos Group will post -0.03 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRON. Wall Street Zen upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. Zacks Research upgraded Cronos Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cronos Group in a research note on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy”.

About Cronos Group

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.