Cronos Group (NASDAQ:CRON) Reaches New 52-Week High - Time to Buy?

Key Points

• Cronos Group Inc. shares hit a new 52-week high of $2.59, closing at $2.56, with a trading volume of over 536,000 shares.
• Wall Street Zen has downgraded Cronos Group from a "hold" to a "sell" rating, highlighting a shift in analyst sentiment.
• In its latest earnings report, Cronos posted a loss of ($0.10) per share, missing analyst estimates, and reported revenue of $33.46 million, below the expected $45.73 million.

Cronos Group Inc. (NASDAQ:CRON - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as $2.59 and last traded at $2.56, with a volume of 536609 shares traded. The stock had previously closed at $2.30.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Cronos Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th.

Cronos Group Stock Down 6.0%

The firm has a 50-day moving average of $2.06 and a two-hundred day moving average of $1.96. The company has a market capitalization of $907.80 million, a PE ratio of 47.40 and a beta of 1.01.

Cronos Group (NASDAQ:CRON - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.08). Cronos Group had a negative return on equity of 3.78% and a net margin of 14.19%. The firm had revenue of $33.46 million for the quarter, compared to analysts' expectations of $45.73 million. On average, equities research analysts expect that Cronos Group Inc. will post -0.03 EPS for the current year.

Institutional Trading of Cronos Group

Hedge funds have recently modified their holdings of the stock. Formidable Asset Management LLC raised its stake in Cronos Group by 2.1% in the fourth quarter. Formidable Asset Management LLC now owns 278,398 shares of the company's stock valued at $562,000 after buying an additional 5,637 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Cronos Group by 140.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,726 shares of the company's stock valued at $28,000 after buying an additional 8,019 shares in the last quarter. Kerrisdale Advisers LLC raised its stake in Cronos Group by 2.3% in the fourth quarter. Kerrisdale Advisers LLC now owns 468,786 shares of the company's stock valued at $947,000 after buying an additional 10,539 shares in the last quarter. Bank of America Corp DE raised its stake in Cronos Group by 11.0% in the second quarter. Bank of America Corp DE now owns 135,180 shares of the company's stock valued at $258,000 after buying an additional 13,450 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Cronos Group by 53.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,800 shares of the company's stock valued at $86,000 after buying an additional 16,700 shares in the last quarter. 8.71% of the stock is currently owned by institutional investors and hedge funds.

Cronos Group Company Profile

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.