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.
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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