Cronos Group (NASDAQ:CRON) Sees Unusually-High Trading Volume

Shares of Cronos Group Inc. (NASDAQ:CRON) saw unusually-strong trading volume on Tuesday . Approximately 4,756,022 shares were traded during mid-day trading, an increase of 91% from the previous session’s volume of 2,487,493 shares.The stock last traded at $2.67 and had previously closed at $2.49.

Analysts Set New Price Targets

Separately, Bank of America raised their target price on Cronos Group from $1.78 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, December 28th.

Cronos Group Stock Down 3.3 %

The business’s 50 day moving average is $2.16 and its two-hundred day moving average is $2.06. The firm has a market capitalization of $995.19 million, a P/E ratio of -13.74 and a beta of 1.13.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.05) earnings per share for the quarter. Cronos Group had a negative net margin of 84.15% and a negative return on equity of 3.99%. The company had revenue of $23.92 million for the quarter, compared to the consensus estimate of $25.15 million. As a group, equities analysts anticipate that Cronos Group Inc. will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of Cronos Group

A number of hedge funds have recently bought and sold shares of CRON. Cibc World Market Inc. lifted its stake in Cronos Group by 1,017.3% during the first quarter. Cibc World Market Inc. now owns 258,862 shares of the company’s stock valued at $1,007,000 after buying an additional 235,694 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Cronos Group by 5.9% in the first quarter. Vontobel Holding Ltd. now owns 187,318 shares of the company’s stock worth $726,000 after buying an additional 10,423 shares during the last quarter. Vanguard Group Inc. boosted its position in Cronos Group by 4.6% during the first quarter. Vanguard Group Inc. now owns 6,281,412 shares of the company’s stock worth $24,434,000 after purchasing an additional 273,766 shares during the period. Mackenzie Financial Corp boosted its position in Cronos Group by 49.6% during the first quarter. Mackenzie Financial Corp now owns 92,399 shares of the company’s stock worth $359,000 after purchasing an additional 30,651 shares during the period. Finally, Invesco Ltd. boosted its position in Cronos Group by 131.5% during the first quarter. Invesco Ltd. now owns 65,051 shares of the company’s stock worth $253,000 after purchasing an additional 36,952 shares during the period. 8.71% of the stock is owned by hedge funds and other institutional investors.

About Cronos Group

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.