Cronos Group (NASDAQ:CRON) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Cronos Group experienced a significant increase in trading volume, with 2,434,319 shares traded, marking a 34% rise from the previous day.
• Analysts downgraded Cronos Group from a "hold" to a "sell" rating, following a quarterly earnings report that revealed a loss of ($0.10) earnings per share, missing estimates and lower-than-expected revenue.
• Institutional ownership of Cronos Group is rising, with several hedge funds increasing their stakes, including a 140.5% increase by Tower Research Capital LLC.

Cronos Group Inc. (NASDAQ:CRON - Get Free Report) saw strong trading volume on Monday . 2,434,319 shares changed hands during mid-day trading, an increase of 34% from the previous session's volume of 1,821,068 shares.The stock last traded at $2.60 and had previously closed at $2.60.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded shares of Cronos Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th.

Cronos Group Trading Down 0.6%

The stock has a market cap of $990.16 million, a PE ratio of 51.50 and a beta of 1.01. The company's 50 day moving average is $2.12 and its 200-day moving average is $1.98.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its holdings in Cronos Group by 140.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,726 shares of the company's stock worth $28,000 after acquiring an additional 8,019 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in Cronos Group during the 2nd quarter valued at about $36,000. International Assets Investment Management LLC acquired a new position in Cronos Group during the 2nd quarter valued at about $33,000. Envestnet Asset Management Inc. acquired a new position in Cronos Group during the 2nd quarter valued at about $36,000. Finally, Aigen Investment Management LP acquired a new position in Cronos Group during the 1st quarter valued at about $35,000. 8.71% of the stock is owned by institutional investors and hedge funds.

About Cronos Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.