Cronos Group (NASDAQ:CRON) Trading Up 0.4% - Here's What Happened

Key Points

• Cronos Group shares rose 0.4% on Monday, trading between $2.79 and $2.81 on lighter-than-usual volume of about 584,595 shares.
• Analyst sentiment is mixed: Wall Street Zen upgraded the stock to buy, TD Securities reaffirmed a buy, and Weiss Ratings kept a sell rating. The consensus view remains Hold with an average price target of $2.30.
• The company recently posted quarterly EPS of $0.01, matching estimates, while revenue of $45.21 million beat expectations; however, Cronos still reported negative profitability metrics, including negative return on equity and net margin.

Cronos Group Inc. (NASDAQ:CRON - Get Free Report) shot up 0.4% during trading on Monday . The company traded as high as $2.81 and last traded at $2.80. Approximately 584,595 shares traded 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 recently commented on CRON. Wall Street Zen raised Cronos Group from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. Weiss Ratings reissued a "sell (d+)" rating on shares of Cronos Group in a report on Friday, May 29th. Finally, TD Securities restated a "buy" rating on shares of Cronos Group in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cronos Group currently has a consensus rating of "Hold" and an average price target of $2.30.

Cronos Group Stock Up 0.4%

The business has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $2.66. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 280.28 and a beta of 0.89.

Cronos Group (NASDAQ:CRON - Get Free Report) last issued 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. The business had revenue of $45.21 million during the quarter, compared to analysts' expectations of $42.20 million. Cronos Group had a negative return on equity of 1.26% and a negative net margin of 1.14%. As a group, equities analysts predict that Cronos Group Inc. will post 0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC boosted its stake in shares of Cronos Group by 5.3% in the 2nd 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. MMCAP International Inc. SPC increased its position in shares of Cronos Group by 56.1% during the 4th quarter. MMCAP International Inc. SPC now owns 2,761,059 shares of the company's stock worth $7,262,000 after purchasing an additional 991,977 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cronos Group by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,679,051 shares of the company's stock valued at $6,724,000 after purchasing an additional 172,841 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Cronos Group by 8.9% during the 1st 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 last quarter. Finally, Pillsbury Lake Capital LLC acquired a new position in Cronos Group in the fourth quarter valued at about $4,837,000. 8.71% of the stock is currently owned by institutional investors and hedge funds.

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.

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