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

Cronos Group Inc. (NASDAQ:CRON) was the target of some unusual options trading on Tuesday. Stock investors purchased 2,690 call options on the stock. This is an increase of approximately 147% compared to the average daily volume of 1,091 call options.

Cronos Group Price Performance

CRON stock traded up $0.12 during mid-day trading on Tuesday, reaching $3.52. 803,696 shares of the company’s stock were exchanged, compared to its average volume of 1,336,843. Cronos Group has a 12-month low of $2.28 and a 12-month high of $3.54. The stock’s 50 day moving average is $2.88 and its 200 day moving average is $2.72. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 17.63 and a beta of 0.90.

Cronos Group (NASDAQ:CRON) last posted 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. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%.The business had revenue of $53.01 million during the quarter, compared to analysts’ expectations of $44.20 million. On average, research analysts forecast that Cronos Group will post 0.11 earnings per share for the current fiscal year.

Institutional Trading of Cronos Group

Several institutional investors have recently modified their holdings of the stock. Pillsbury Lake Capital LLC acquired a new stake in Cronos Group in the 4th quarter worth about $4,837,000. Cibc World Market Inc. acquired a new position in shares of Cronos Group during the second quarter valued at approximately $3,820,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Cronos Group by 1,135.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,108,131 shares of the company’s stock valued at $3,075,000 after acquiring an additional 1,018,448 shares in the last quarter. MMCAP International Inc. SPC lifted its position in shares of Cronos Group by 56.1% in the fourth quarter. MMCAP International Inc. SPC now owns 2,761,059 shares of the company’s stock valued at $7,262,000 after acquiring an additional 991,977 shares in the last quarter. Finally, Oasis Management Co Ltd. purchased a new position in shares of Cronos Group in the fourth quarter valued at approximately $2,409,000. Institutional investors and hedge funds own 8.71% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CRON. TD Securities reiterated 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 report on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.