Cronos Group (NASDAQ:CRON) Trading Down 4.1% – Here’s What Happened

Cronos Group Inc. (NASDAQ:CRON) shares dropped 4.1% on Monday . The company traded as low as $2.84 and last traded at $2.8380. Approximately 1,282,336 shares were traded during trading, a decline of 39% from the average daily volume of 2,099,917 shares. The stock had previously closed at $2.96.

Analyst Upgrades and Downgrades

CRON has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Cronos Group in a report on Monday. Zacks Research raised Cronos Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 7th. Finally, Wall Street Zen raised shares of Cronos Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy”.

Cronos Group Price Performance

The stock’s fifty day simple moving average is $2.58 and its two-hundred day simple moving average is $2.40. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 27.25 and a beta of 0.66.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings data 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. The business had revenue of $36.34 million during the quarter, compared to the consensus estimate of $36.47 million. Cronos Group had a net margin of 27.27% and a negative return on equity of 1.12%. On average, sell-side analysts predict that Cronos Group Inc. will post -0.03 EPS for the current year.

Institutional Trading of Cronos Group

Several hedge funds have recently made changes to their positions in the stock. Tudor Investment Corp ET AL bought a new position in Cronos Group during the 3rd quarter worth $40,000. Swiss Life Asset Management Ltd acquired a new position in shares of Cronos Group during the third quarter valued at $31,000. Cambria Investment Management L.P. boosted its holdings in shares of Cronos Group by 15.0% during the third quarter. Cambria Investment Management L.P. now owns 324,502 shares of the company’s stock valued at $902,000 after acquiring an additional 42,412 shares during the period. Sender Co & Partners Inc. bought a new position in shares of Cronos Group during the third quarter worth about $35,000. Finally, Scientech Research LLC acquired a new stake in shares of Cronos Group in the 3rd quarter worth about $32,000. Institutional investors own 8.71% of the company’s stock.

Cronos Group Company Profile

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.