Cronos Group (NASDAQ:CRON) Shares Gap Up - Still a Buy?

Key Points

• Cronos Group Inc. shares opened higher at $2.96, up from the previous close of $2.63, with a significant trading volume of 3,558,955 shares.
• The company recently received an upgrade from Wall Street Zen from a "sell" to a "hold" rating, indicating a mixed outlook on the stock's performance.
• Cronos Group reported a net loss per share of $0.10 for the last quarter, missing analysts' estimates, with revenues of $33.46 million compared to expectations of $45.73 million.

Cronos Group Inc. (NASDAQ:CRON - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.63, but opened at $2.96. Cronos Group shares last traded at $3.04, with a volume of 3,558,955 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Cronos Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th.

Cronos Group Price Performance

The company has a 50 day moving average price of $2.42 and a two-hundred day moving average price of $2.08. The stock has a market cap of $1.17 billion, a PE ratio of 60.70 and a beta of 1.12.

Cronos Group (NASDAQ:CRON - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.10) EPS for the quarter, missing analysts' consensus estimates 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 net margin of 14.19% and a negative return on equity of 3.78%. As a group, equities analysts predict that Cronos Group Inc. will post -0.03 earnings per share for the current fiscal year.

Institutional Trading of Cronos Group

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC bought a new position in shares of Cronos Group in the second quarter worth about $33,000. Aigen Investment Management LP bought a new position in Cronos Group during the first quarter valued at approximately $35,000. Chicago Partners Investment Group LLC bought a new position in Cronos Group during the second quarter valued at approximately $36,000. Envestnet Asset Management Inc. bought a new position in Cronos Group during the second quarter valued at approximately $36,000. Finally, Mraz Amerine & Associates Inc. bought a new position in Cronos Group during the second quarter valued at approximately $57,000. Institutional investors own 8.71% of the company's stock.

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.

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