Investors Purchase Large Volume of Cronos Group Call Options (NASDAQ:CRON)

Cronos Group Inc. (NASDAQ:CRON) was the recipient of some unusual options trading on Tuesday. Traders bought 2,690 call options on the stock. This is an increase of 147% compared to the typical volume of 1,091 call options.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CRON. Pure Financial Advisors LLC acquired a new stake in shares of Cronos Group in the second quarter valued at $28,000. OneDigital Investment Advisors LLC acquired a new position in Cronos Group during the 2nd quarter worth about $29,000. Valeo Financial Advisors LLC purchased a new position in Cronos Group during the 4th quarter valued at about $30,000. Brooklyn Investment Group grew its position in Cronos Group by 5,733.0% in the 3rd quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock valued at $30,000 after acquiring an additional 10,778 shares in the last quarter. Finally, Scientech Research LLC purchased a new stake in Cronos Group during the third quarter worth about $32,000. 8.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CRON. TD Securities reaffirmed a “buy” rating on shares of Cronos Group in a research note on Tuesday, May 12th. Wall Street Zen cut shares of Cronos Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings raised shares of Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.30.

Cronos Group Stock Performance

Shares of NASDAQ CRON traded up $0.12 during midday trading on Tuesday, reaching $3.52. 803,696 shares of the stock were exchanged, compared to its average volume of 1,336,843. The company has a 50 day simple moving average of $2.88 and a 200 day simple moving average of $2.72. The stock has a market capitalization of $1.31 billion, a P/E ratio of 17.63 and a beta of 0.90. Cronos Group has a twelve month low of $2.28 and a twelve month high of $3.54.

Cronos Group (NASDAQ:CRON) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. The firm had revenue of $53.01 million for the quarter, compared to analysts’ expectations of $44.20 million. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%. On average, research analysts expect that Cronos Group will post 0.11 earnings per share for the current year.

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.