Cronos Group (NASDAQ:CRON) Sees Strong Trading Volume – Time to Buy?

Cronos Group Inc. (NASDAQ:CRON) saw strong trading volume on Friday . 2,910,561 shares were traded during trading, an increase of 103% from the previous session’s volume of 1,435,055 shares.The stock last traded at $2.6450 and had previously closed at $2.74.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wall Street Zen raised shares of Cronos Group from a “hold” rating to a “buy” rating in a report on Saturday. TD Securities reaffirmed a “buy” rating on shares of Cronos Group in a report on Tuesday. Canaccord Genuity Group assumed coverage on shares of Cronos Group in a report on Tuesday, January 27th. They set a “buy” rating for the company. Finally, Weiss Ratings cut shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cronos Group currently has an average rating of “Hold” and an average target price of $2.30.

Cronos Group Stock Down 4.0%

The firm has a market capitalization of $989.59 million, a PE ratio of 263.26 and a beta of 0.87. The stock’s fifty day simple moving average is $2.59 and its 200 day simple moving average is $2.61.

Cronos Group (NASDAQ:CRON) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.01. The business had revenue of $58.97 million during the quarter, compared to analyst estimates of $42.20 million. Cronos Group had a negative net margin of 1.14% and a negative return on equity of 1.26%. On average, analysts predict that Cronos Group Inc. will post 0.07 EPS for the current year.

Hedge Funds Weigh In On Cronos Group

Hedge funds have recently modified their holdings of the company. Octavia Wealth Advisors LLC bought a new position in shares of Cronos Group in the fourth quarter worth approximately $28,000. Brooklyn Investment Group boosted its position in shares of Cronos Group by 5,733.0% in the third 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 period. Swiss Life Asset Management Ltd bought a new position in shares of Cronos Group in the third quarter worth approximately $31,000. Valeo Financial Advisors LLC bought a new position in shares of Cronos Group in the fourth quarter worth approximately $30,000. Finally, Scientech Research LLC bought a new position in shares of Cronos Group in the third quarter worth approximately $32,000. 8.71% of the stock is currently owned by institutional investors.

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.