Cronos Group (CRON) Shares Down 8.9%

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Cronos Group Inc (NASDAQ:CRON)’s share price was down 8.9% during trading on Thursday . The company traded as low as $8.82 and last traded at $8.94. Approximately 9,204,831 shares traded hands during trading, an increase of 13% from the average daily volume of 8,176,001 shares. The stock had previously closed at $9.81.

A number of equities analysts recently commented on CRON shares. Cann started coverage on shares of Cronos Group in a research note on Friday, October 12th. They set a “sell” rating and a $4.50 price target for the company. Zacks Investment Research raised shares of Cronos Group from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Tuesday, October 16th. Finally, Canaccord Genuity raised shares of Cronos Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Cronos Group currently has an average rating of “Hold” and a consensus target price of $6.88.

The stock has a market cap of $1.74 billion and a PE ratio of 855.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 44.71 and a current ratio of 52.98.

A number of institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC boosted its position in Cronos Group by 8.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 84,066 shares of the company’s stock valued at $934,000 after buying an additional 6,621 shares during the period. FNY Investment Advisers LLC purchased a new stake in Cronos Group in the 3rd quarter valued at about $111,000. Stratos Wealth Partners LTD. purchased a new stake in Cronos Group in the 3rd quarter valued at about $116,000. Oppenheimer & Co. Inc. purchased a new stake in Cronos Group in the 3rd quarter valued at about $121,000. Finally, Exane Derivatives purchased a new stake in Cronos Group in the 3rd quarter valued at about $123,000. 9.77% of the stock is owned by institutional investors.

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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.

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