Cronos Group Sees Unusually High Options Volume (NASDAQ:CRON)

Cronos Group Inc. (NASDAQ:CRON) saw unusually large options trading activity on Tuesday. Traders purchased 2,690 call options on the company. This is an increase of 147% compared to the average daily volume of 1,091 call options.

Cronos Group Price Performance

CRON opened at $3.51 on Wednesday. The stock’s 50 day simple moving average is $2.90 and its 200 day simple moving average is $2.73. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 17.55 and a beta of 0.90. Cronos Group has a 1 year low of $2.28 and a 1 year high of $3.56.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.08. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%.The firm had revenue of $53.01 million during the quarter, compared to the consensus estimate of $44.20 million. As a group, sell-side analysts anticipate that Cronos Group will post 0.11 EPS for the current year.

Institutional Investors Weigh In On Cronos Group

Institutional investors have recently added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft increased its stake in shares of Cronos Group by 2.0% in the 1st quarter. Baader Bank Aktiengesellschaft now owns 204,741 shares of the company’s stock worth $512,000 after acquiring an additional 3,985 shares in the last quarter. Virtu Financial LLC lifted its holdings in shares of Cronos Group by 10.4% during the fourth quarter. Virtu Financial LLC now owns 52,852 shares of the company’s stock valued at $139,000 after purchasing an additional 4,990 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in shares of Cronos Group by 19.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,631 shares of the company’s stock worth $86,000 after purchasing an additional 5,349 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of Cronos Group by 12.5% in the 4th quarter. Headlands Technologies LLC now owns 63,097 shares of the company’s stock worth $166,000 after purchasing an additional 6,998 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its stake in shares of Cronos Group by 69.0% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 19,623 shares of the company’s stock worth $55,000 after buying an additional 8,009 shares during the last quarter. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Wall Street Analysts Forecast Growth

CRON has been the topic of a number of research analyst reports. Weiss Ratings raised Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. TD Securities reaffirmed a “buy” rating on shares of Cronos Group in a research note on Tuesday, May 12th. Finally, Wall Street Zen cut Cronos Group from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.30.

Cronos Group Company Profile

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.