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

Cronos Group Inc (NASDAQ:CRON) was the recipient of a significant growth in short interest during the month of March. As of March 29th, there was short interest totalling 23,550,475 shares, a growth of 24.9% from the March 15th total of 18,853,390 shares. Based on an average daily volume of 10,614,785 shares, the days-to-cover ratio is currently 2.2 days.

A number of institutional investors have recently bought and sold shares of the business. Patriot Financial Group Insurance Agency LLC raised its position in Cronos Group by 36.0% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 3,740 shares of the company’s stock valued at $39,000 after purchasing an additional 990 shares during the last quarter. River Wealth Advisors LLC increased its stake in shares of Cronos Group by 37.8% in the fourth quarter. River Wealth Advisors LLC now owns 4,375 shares of the company’s stock valued at $45,000 after buying an additional 1,200 shares during the period. Bronfman E.L. Rothschild L.P. increased its stake in shares of Cronos Group by 24.7% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 6,234 shares of the company’s stock valued at $65,000 after buying an additional 1,234 shares during the period. Exane Derivatives increased its stake in shares of Cronos Group by 20.0% in the fourth quarter. Exane Derivatives now owns 13,200 shares of the company’s stock valued at $137,000 after buying an additional 2,200 shares during the period. Finally, Advisory Services Network LLC increased its stake in shares of Cronos Group by 800.0% in the fourth quarter. Advisory Services Network LLC now owns 2,700 shares of the company’s stock valued at $28,000 after buying an additional 2,400 shares during the period. Hedge funds and other institutional investors own 14.14% of the company’s stock.

Cronos Group stock opened at $16.85 on Friday. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of -210.63 and a beta of 4.23. Cronos Group has a 12 month low of $5.50 and a 12 month high of $25.10.

Cronos Group (NASDAQ:CRON) last posted its earnings results on Tuesday, March 26th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The firm had revenue of $4.24 million during the quarter, compared to the consensus estimate of $6.70 million. Cronos Group had a negative net margin of 120.65% and a negative return on equity of 9.50%. On average, equities research analysts anticipate that Cronos Group will post 0.01 EPS for the current fiscal year.

Several equities analysts have commented on the company. Zacks Investment Research downgraded Cronos Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 28th. Canaccord Genuity downgraded Cronos Group from a “hold” rating to a “sell” rating and set a $17.00 target price for the company. in a research report on Wednesday, March 27th. GMP Securities downgraded Cronos Group from a “buy” rating to a “hold” rating in a research report on Tuesday, February 5th. They noted that the move was a valuation call. Pi Financial reiterated a “neutral” rating and issued a $24.00 target price on shares of Cronos Group in a research report on Tuesday, March 26th. Finally, Eight Capital downgraded Cronos Group to a “hold” rating in a research report on Thursday, March 7th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Cronos Group currently has an average rating of “Hold” and a consensus target price of $17.70.

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Cronos Group Company Profile

Cronos Group Inc, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations “MMPR”. The firm typically invests in companies based in Canada.

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