Traders Buy High Volume of Cronos Group Call Options (NASDAQ:CRON)

Cronos Group Inc. (NASDAQ:CRON) was the target of some unusual options trading on Thursday. Investors purchased 5,040 call options on the stock. This is an increase of approximately 142% compared to the typical volume of 2,079 call options.

Cronos Group Price Performance

CRON stock traded up $0.08 during midday trading on Thursday, reaching $2.66. The company had a trading volume of 566,032 shares, compared to its average volume of 1,409,816. Cronos Group has a 1-year low of $1.81 and a 1-year high of $3.43. The stock has a 50 day moving average price of $2.59 and a 200-day moving average price of $2.60. The company has a market capitalization of $999.00 million, a price-to-earnings ratio of -265.23 and a beta of 0.81.

Cronos Group (NASDAQ:CRON) last issued its earnings results on Thursday, February 26th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. The firm had revenue of $58.39 million during the quarter, compared to the consensus estimate of $38.51 million. Cronos Group had a negative return on equity of 1.12% and a negative net margin of 6.44%. As a group, research analysts anticipate that Cronos Group will post 0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Octavia Wealth Advisors LLC acquired a new position in Cronos Group during the fourth quarter worth about $28,000. Brooklyn Investment Group raised its stake in Cronos Group by 5,733.0% during the third quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock worth $30,000 after acquiring an additional 10,778 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new position in Cronos Group during the third quarter worth about $31,000. Valeo Financial Advisors LLC acquired a new position in Cronos Group during the fourth quarter worth about $30,000. Finally, Scientech Research LLC acquired a new position in Cronos Group during the third quarter worth about $32,000. Institutional investors and hedge funds own 8.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CRON shares. Wall Street Zen raised Cronos Group from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings downgraded Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Zacks Research downgraded Cronos Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Canaccord Genuity Group started coverage on Cronos Group in a report on Tuesday, January 27th. They set a “buy” rating for the company. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $2.30 target price on shares of Cronos Group in a report on Wednesday, January 14th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cronos Group currently has an average rating of “Hold” and a consensus price target of $2.30.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.