Cronos Group (TSE:CRON) Stock Price Breaks Above 50-Day Moving Average - Here's Why

Key Points

• Cronos Group shares broke above their 50-day moving average, reaching C$4.75 before closing at C$4.70, compared with the average of C$4.64.
• TD raised its price target from C$5.50 to C$6.00 and maintained a Buy rating. All three tracked analysts rate the stock Buy, with a consensus target of C$4.92.
• Cronos reported quarterly revenue of C$75.31 million and earnings of C$0.13 per share, while maintaining strong liquidity with a quick ratio of 24.01 and a current ratio of 16.18.

Cronos Group Inc. (TSE:CRON - Get Free Report) shares crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of C$4.64 and traded as high as C$4.75. Cronos Group shares last traded at C$4.70, with a volume of 216,168 shares traded.

Wall Street Analysts Forecast Growth

Separately, TD boosted their target price on shares of Cronos Group from C$5.50 to C$6.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of C$4.92.

Cronos Group Price Performance

The company's fifty day moving average price is C$4.64 and its 200 day moving average price is C$3.98. The company has a market capitalization of C$1.73 billion, a P/E ratio of 24.74, a PEG ratio of 0.12 and a beta of 1.29. The company has a quick ratio of 24.01, a current ratio of 16.18 and a debt-to-equity ratio of 0.12.

Cronos Group (TSE:CRON - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported C$0.13 earnings per share for the quarter. The company had revenue of C$75.31 million during the quarter. Cronos Group had a net margin of 38.95% and a return on equity of 6.46%. As a group, sell-side analysts forecast that Cronos Group Inc. will post -0.26 EPS for the current year.

Cronos Group Company Profile

Cronos is a global cannabis company focused on scaling leading consumer goods products through research and development and innovation. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos diverse international brand portfolio includes Spinach, PEACE NATURALS, LIT and Lord Jones. For more information about Cronos and its brands, please visit: thecronosgroup.com.

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