Cronos Group (NASDAQ:CRON) Shares Up 8.2% - Here's What Happened

Key Points

• Cronos Group's stock price increased by 8.2% on Monday, closing at $2.57 and showing a significant trading volume increase of 49% from its average daily volume.
• The company reported a quarterly loss of ($0.10) EPS, which was worse than the analyst consensus estimate of ($0.02), and had revenue of $33.46 million, missing expectations.
• Wall Street Zen downgraded Cronos Group's rating from "hold" to "sell," indicating a lack of confidence in the company's prospects.

Cronos Group Inc. (NASDAQ:CRON - Get Free Report) rose 8.2% during trading on Monday . The stock traded as high as $2.55 and last traded at $2.57. Approximately 2,656,545 shares were traded during trading, an increase of 49% from the average daily volume of 1,780,661 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

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

Cronos Group Price Performance

The firm has a fifty day simple moving average of $2.12 and a 200-day simple moving average of $1.98. The firm has a market cap of $995.90 million, a P/E ratio of 52.00 and a beta of 1.01.

Cronos Group (NASDAQ:CRON - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $45.73 million. Cronos Group had a negative return on equity of 3.78% and a net margin of 14.19%. On average, equities analysts predict that Cronos Group Inc. will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quinn Opportunity Partners LLC boosted its holdings in Cronos Group by 73.0% in the second quarter. Quinn Opportunity Partners LLC now owns 7,437,944 shares of the company's stock worth $14,206,000 after acquiring an additional 3,138,018 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Cronos Group by 5.3% in the second quarter. Tidal Investments LLC now owns 5,653,070 shares of the company's stock valued at $10,797,000 after purchasing an additional 282,356 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cronos Group by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,753,055 shares of the company's stock valued at $5,561,000 after purchasing an additional 132,536 shares in the last quarter. MMCAP International Inc. SPC lifted its holdings in shares of Cronos Group by 2.9% in the first quarter. MMCAP International Inc. SPC now owns 1,786,382 shares of the company's stock valued at $3,233,000 after purchasing an additional 49,782 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Cronos Group by 84.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,076,405 shares of the company's stock valued at $1,948,000 after purchasing an additional 493,161 shares in the last quarter. Institutional investors own 8.71% of the company's stock.

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.