Cronos Group (NASDAQ:CRON) Shares Gap Up to $2.88

Cronos Group Inc. (NASDAQ:CRON - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $2.88, but opened at $2.99. Cronos Group shares last traded at $2.90, with a volume of 1,521,744 shares.

Wall Street Analysts Forecast Growth

Separately, Bank of America upped their target price on shares of Cronos Group from $1.78 to $2.00 and gave the stock an "underperform" rating in a research report on Thursday, December 28th.

Cronos Group Price Performance

The firm's 50-day simple moving average is $2.23 and its two-hundred day simple moving average is $2.07. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -14.47 and a beta of 1.17.

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

Institutional Trading of Cronos Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Cronos Group by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 7,078,051 shares of the company's stock valued at $14,793,000 after purchasing an additional 124,691 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cronos Group by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,004,781 shares of the company's stock valued at $4,190,000 after purchasing an additional 246,690 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Cronos Group during the fourth quarter valued at approximately $4,611,000. Intact Investment Management Inc. lifted its stake 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 valued at $2,211,000 after buying an additional 389,610 shares during the period. Finally, Two Sigma Investments LP lifted its stake in shares of Cronos Group by 68.0% during the third quarter. Two Sigma Investments LP now owns 739,503 shares of the company's stock valued at $2,085,000 after buying an additional 299,330 shares during the period. 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. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones brand in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets.