Cronos Group (NASDAQ:CRON) Stock Price Up 0.4% – Here’s What Happened

Cronos Group Inc. (NASDAQ:CRON)’s stock price rose 0.4% during mid-day trading on Monday . The company traded as high as $2.81 and last traded at $2.80. Approximately 584,595 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 823,949 shares. The stock had previously closed at $2.79.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CRON. TD Securities reissued a “buy” rating on shares of Cronos Group in a report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cronos Group in a report on Friday, May 29th. Finally, Wall Street Zen upgraded Cronos Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.30.

Cronos Group Stock Performance

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 280.28 and a beta of 0.89. The firm’s 50-day simple moving average is $2.74 and its two-hundred day simple moving average is $2.66.

Cronos Group (NASDAQ:CRON) last announced its earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. Cronos Group had a negative net margin of 1.14% and a negative return on equity of 1.26%. The company had revenue of $45.21 million for the quarter, compared to analyst estimates of $42.20 million. Equities research analysts expect that Cronos Group Inc. will post 0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cronos Group

Hedge funds have recently added to or reduced their stakes in the business. Amundi bought a new position in Cronos Group during the first quarter worth $54,000. Renaissance Technologies LLC raised its position in shares of Cronos Group by 8.9% in the first quarter. Renaissance Technologies LLC now owns 2,009,549 shares of the company’s stock valued at $5,044,000 after purchasing an additional 164,500 shares during the period. Baader Bank Aktiengesellschaft lifted its stake in shares of Cronos Group by 2.0% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 204,741 shares of the company’s stock worth $512,000 after buying an additional 3,985 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cronos Group by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,679,051 shares of the company’s stock worth $6,724,000 after buying an additional 172,841 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in Cronos Group by 5.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 491,430 shares of the company’s stock valued at $1,233,000 after buying an additional 27,578 shares during the last quarter. Institutional investors and hedge funds own 8.71% of the company’s stock.

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.