Cronos Group (NASDAQ:CRON) Shares Gap Down to $3.10

Cronos Group Inc. (NASDAQ:CRONGet Rating)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $3.10, but opened at $3.03. Cronos Group shares last traded at $2.93, with a volume of 28,788 shares trading hands.

Several research firms have recently weighed in on CRON. Jefferies Financial Group raised shares of Cronos Group from an “underperform” rating to a “hold” rating and cut their target price for the company from $5.54 to $3.24 in a report on Thursday, January 27th. Raymond James boosted their price target on shares of Cronos Group from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Monday, May 9th. CIBC raised shares of Cronos Group from a “neutral” rating to a “sector outperform” rating in a report on Wednesday, May 11th. Stifel Nicolaus cut their price target on shares of Cronos Group from $6.50 to $4.00 in a report on Tuesday, February 22nd. Finally, Canaccord Genuity Group cut their price target on shares of Cronos Group from $7.00 to $4.25 and set a “sell” rating for the company in a report on Tuesday, February 22nd. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.55.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 25.50 and a current ratio of 26.42. The firm’s 50 day simple moving average is $3.39 and its 200-day simple moving average is $3.80. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -34.44 and a beta of 1.66.

Cronos Group (NASDAQ:CRONGet Rating) last announced its earnings results on Tuesday, May 10th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). Cronos Group had a negative return on equity of 15.92% and a negative net margin of 36.04%. The business had revenue of $25.03 million for the quarter, compared to analyst estimates of $30.66 million. During the same period last year, the firm earned ($0.12) EPS. The company’s revenue for the quarter was up 98.5% compared to the same quarter last year. As a group, sell-side analysts expect that Cronos Group Inc. will post -0.24 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Spire Wealth Management boosted its position in shares of Cronos Group by 198.2% during the 4th quarter. Spire Wealth Management now owns 6,304 shares of the company’s stock valued at $25,000 after acquiring an additional 4,190 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Cronos Group by 250.0% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 7,000 shares of the company’s stock valued at $27,000 after acquiring an additional 5,000 shares during the last quarter. CWM LLC acquired a new position in Cronos Group in the fourth quarter valued at about $27,000. Capital Investment Counsel Inc acquired a new position in Cronos Group in the fourth quarter valued at about $40,000. Finally, Cetera Investment Advisers acquired a new position in Cronos Group in the fourth quarter valued at about $50,000. 13.40% of the stock is currently owned by hedge funds and other institutional investors.

About Cronos Group (NASDAQ:CRON)

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 and Happy Dance brands 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.

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