Cronos Group (NASDAQ:CRON) Shares Gap Up – Time to Buy?

Shares of Cronos Group Inc. (NASDAQ:CRON) gapped up prior to trading on Thursday . The stock had previously closed at $2.80, but opened at $2.96. Cronos Group shares last traded at $2.6450, with a volume of 1,645,293 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Sanford C. Bernstein restated a “market perform” rating and issued a $2.30 target price on shares of Cronos Group in a research note on Wednesday, January 14th. Weiss Ratings downgraded shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Wall Street Zen upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Zacks Research downgraded shares of Cronos Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, TD Securities assumed coverage on shares of Cronos Group in a research note on Tuesday, February 24th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.30.

Cronos Group Price Performance

The firm has a market cap of $995.21 million, a price-to-earnings ratio of -265.23 and a beta of 0.81. The business’s 50-day moving average price is $2.59 and its two-hundred day moving average price is $2.60.

Cronos Group (NASDAQ:CRON) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Cronos Group had a negative net margin of 6.44% and a negative return on equity of 1.12%. The business had revenue of $58.39 million during the quarter, compared to the consensus estimate of $38.51 million. Equities analysts predict that Cronos Group Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Trading of Cronos Group

A number of hedge funds have recently made changes to their positions in CRON. Jones Financial Companies Lllp grew its position in shares of Cronos Group by 291.6% during the first quarter. Jones Financial Companies Lllp now owns 65,099 shares of the company’s stock worth $118,000 after buying an additional 48,476 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Cronos Group by 84.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,076,405 shares of the company’s stock worth $1,948,000 after buying an additional 493,161 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of Cronos Group during the second quarter worth approximately $36,000. Legal & General Group Plc grew its position in shares of Cronos Group by 16.1% during the second quarter. Legal & General Group Plc now owns 195,368 shares of the company’s stock worth $374,000 after buying an additional 27,111 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Cronos Group by 192.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 89,683 shares of the company’s stock worth $171,000 after buying an additional 59,013 shares in the last quarter. Institutional investors and hedge funds own 8.71% of the company’s stock.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.