Cronos Group (NASDAQ:CRON) Shares Gap Down to $2.70

Cronos Group Inc. (NASDAQ:CRON - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $2.70, but opened at $2.57. Cronos Group shares last traded at $2.59, with a volume of 642,220 shares trading hands.

Analyst Ratings Changes

Separately, Bank of America increased their target price on shares of Cronos Group from $2.00 to $2.50 and gave the company an "underperform" rating in a research report on Monday.

Cronos Group Price Performance

The stock's fifty day simple moving average is $2.26 and its 200-day simple moving average is $2.08. The firm has a market cap of $1.02 billion, a PE ratio of -14.05 and a beta of 1.17.

Cronos Group (NASDAQ:CRON - Get Free Report) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.05) earnings per share (EPS) for the quarter. The company had revenue of $23.92 million during the quarter, compared to analysts' expectations of $25.15 million. Cronos Group had a negative return on equity of 3.99% and a negative net margin of 84.15%. Analysts expect that Cronos Group Inc. will post -0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Intact Investment Management Inc. raised its holdings in shares of Cronos Group by 54.2% during the third quarter. Intact Investment Management Inc. now owns 1,108,300 shares of the company's stock worth $2,211,000 after purchasing an additional 389,610 shares during the last quarter. JW Asset Management LLC purchased a new position in shares of Cronos Group during the third quarter worth $400,000. AdvisorShares Investments LLC purchased a new position in shares of Cronos Group during the third quarter worth $280,000. Vontobel Holding Ltd. raised its holdings in shares of Cronos Group by 139.1% during the third quarter. Vontobel Holding Ltd. now owns 214,560 shares of the company's stock worth $428,000 after purchasing an additional 124,820 shares during the last quarter. Finally, Revisor Wealth Management LLC purchased a new position in shares of Cronos Group during the third quarter worth $47,000. Hedge funds and other 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.