Cronos Group (CRON) Shares Gap Down to $8.94

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Cronos Group Inc (NASDAQ:CRON) shares gapped down before the market opened on Friday . The stock had previously closed at $8.38, but opened at $8.94. Cronos Group shares last traded at $8.83, with a volume of 153143 shares.

Several brokerages have recently weighed in on CRON. Canaccord Genuity upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Zacks Investment Research upgraded shares of Cronos Group from a “hold” rating to a “buy” rating and set a $9.25 price objective on the stock in a report on Tuesday. Finally, Cann started coverage on shares of Cronos Group in a report on Friday, October 12th. They set a “sell” rating and a $4.50 price objective on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $6.88.

The company has a current ratio of 52.98, a quick ratio of 44.71 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.60 billion and a P/E ratio of 855.00.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC purchased a new position in Cronos Group in the third quarter valued at approximately $111,000. Tower Research Capital LLC TRC raised its holdings in Cronos Group by 10,393.4% in the second quarter. Tower Research Capital LLC TRC now owns 17,419 shares of the company’s stock valued at $114,000 after buying an additional 17,253 shares during the period. Stratos Wealth Partners LTD. purchased a new position in Cronos Group in the third quarter valued at approximately $116,000. Oppenheimer & Co. Inc. purchased a new position in Cronos Group in the third quarter valued at approximately $121,000. Finally, Exane Derivatives purchased a new position in Cronos Group in the third quarter valued at approximately $123,000. Hedge funds and other institutional investors own 9.77% of the company’s stock.

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About Cronos Group (NASDAQ:CRON)

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.

See Also: Outstanding Shares

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