Cronos Group Inc. (NASDAQ:CRON) Sees Significant Increase in Short Interest

Cronos Group Inc. (NASDAQ:CRONGet Rating) saw a large growth in short interest during the month of December. As of December 30th, there was short interest totalling 7,830,000 shares, a growth of 5.8% from the December 15th total of 7,400,000 shares. Based on an average daily volume of 1,860,000 shares, the days-to-cover ratio is currently 4.2 days. Approximately 4.0% of the company’s stock are short sold.

Insider Activity at Cronos Group

In other news, Director Jason Marc Adler acquired 22,700 shares of the business’s stock in a transaction that occurred on Monday, November 28th. The shares were bought at an average cost of $3.03 per share, with a total value of $68,781.00. Following the transaction, the director now owns 446,076 shares of the company’s stock, valued at approximately $1,351,610.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have bought 447,500 shares of company stock valued at $1,302,605. 5.95% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. NewGen Asset Management Ltd purchased a new position in shares of Cronos Group in the third quarter valued at about $2,115,000. Dimensional Fund Advisors LP grew its stake in Cronos Group by 39.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,104,432 shares of the company’s stock valued at $3,114,000 after acquiring an additional 313,718 shares in the last quarter. Two Sigma Investments LP increased its holdings in Cronos Group by 68.0% in the 3rd quarter. Two Sigma Investments LP now owns 739,503 shares of the company’s stock valued at $2,085,000 after acquiring an additional 299,330 shares during the last quarter. Vanguard Group Inc. lifted its stake in Cronos Group by 4.6% in the 1st 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 in the last quarter. Finally, Cibc World Market Inc. boosted its holdings in shares of Cronos Group by 1,017.3% during the 1st quarter. Cibc World Market Inc. now owns 258,862 shares of the company’s stock valued at $1,007,000 after purchasing an additional 235,694 shares during the last quarter. Institutional investors own 11.94% of the company’s stock.

Cronos Group Stock Down 2.8 %

CRON stock opened at $2.45 on Wednesday. The business’s 50-day moving average price is $2.76 and its 200-day moving average price is $2.94. The stock has a market cap of $932.17 million, a P/E ratio of -4.08 and a beta of 1.54. Cronos Group has a twelve month low of $2.39 and a twelve month high of $4.31.

Cronos Group (NASDAQ:CRONGet Rating) last issued its quarterly earnings results on Monday, November 7th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $20.92 million for the quarter, compared to analysts’ expectations of $23.30 million. Cronos Group had a negative net margin of 235.72% and a negative return on equity of 16.29%. On average, equities research analysts expect that Cronos Group will post -0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRON has been the topic of several research analyst reports. Sanford C. Bernstein initiated coverage on shares of Cronos Group in a research note on Tuesday, November 1st. They set a “market perform” rating and a $3.00 target price on the stock. Canaccord Genuity Group lowered their target price on shares of Cronos Group from C$5.00 to C$4.75 in a research note on Tuesday, November 8th. Finally, Barclays lowered their target price on shares of Cronos Group from $5.00 to $3.50 and set an “equal weight” rating on the stock in a research note on Friday, September 30th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4.09.

About Cronos Group

(Get Rating)

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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