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

Cronos Group Inc. (NASDAQ:CRON)’s share price gapped up before the market opened 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

CRON has been the topic of several recent analyst reports. TD Securities initiated coverage on shares of Cronos Group in a research report on Tuesday, February 24th. They set a “buy” rating on the stock. Wall Street Zen upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Canaccord Genuity Group assumed coverage on shares of Cronos Group in a research report on Tuesday, January 27th. They set a “buy” rating on the stock. Sanford C. Bernstein restated a “market perform” rating and set a $2.30 target price on shares of Cronos Group in a research report on Wednesday, January 14th. Finally, 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. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $2.30.

Cronos Group Trading Up 8.1%

The stock has a market cap of $1.03 billion, a PE ratio of -274.23 and a beta of 0.87. The company’s 50 day moving average is $2.59 and its 200-day moving average is $2.60.

Cronos Group (NASDAQ:CRON) last released its quarterly earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting 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%. As a group, analysts forecast that Cronos Group Inc. will post 0.08 EPS for the current year.

Institutional Investors Weigh In On Cronos Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Octavia Wealth Advisors LLC bought a new stake in shares of Cronos Group in the 4th quarter worth about $28,000. Brooklyn Investment Group increased its position in shares of Cronos Group by 5,733.0% in the 3rd quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock worth $30,000 after purchasing an additional 10,778 shares during the last quarter. Swiss Life Asset Management Ltd bought a new stake in shares of Cronos Group in the 3rd quarter worth about $31,000. Valeo Financial Advisors LLC bought a new stake in shares of Cronos Group in the 4th quarter worth about $30,000. Finally, Scientech Research LLC bought 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.