Cronos Group (NASDAQ:CRON) Shares Down 7.2%

Cronos Group Inc (NASDAQ:CRON) shares fell 7.2% on Friday . The stock traded as low as $6.85 and last traded at $7.07, 11,583,200 shares traded hands during trading. An increase of 36% from the average session volume of 8,498,080 shares. The stock had previously closed at $7.62.

Several research firms recently weighed in on CRON. Bank of America dropped their price objective on shares of Cronos Group from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. CIBC reiterated a “buy” rating and set a $17.00 price objective on shares of Cronos Group in a research note on Wednesday, November 13th. ValuEngine lowered shares of Cronos Group from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Piper Jaffray Companies dropped their price objective on shares of Cronos Group from $18.00 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity upgraded shares of Cronos Group from a “sell” rating to a “hold” rating and increased their price objective for the stock from $16.00 to $17.00 in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $16.05.

The firm’s 50 day simple moving average is $8.14 and its 200 day simple moving average is $12.36. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -88.38 and a beta of 3.40.

Large investors have recently made changes to their positions in the business. Swiss National Bank increased its stake in shares of Cronos Group by 19.1% in the second quarter. Swiss National Bank now owns 693,400 shares of the company’s stock valued at $11,124,000 after purchasing an additional 111,000 shares during the period. Janus Henderson Group PLC increased its stake in shares of Cronos Group by 4,474.9% in the second quarter. Janus Henderson Group PLC now owns 800,600 shares of the company’s stock valued at $12,871,000 after purchasing an additional 783,100 shares during the period. Advisor Group Inc. increased its stake in shares of Cronos Group by 56.9% in the second quarter. Advisor Group Inc. now owns 71,317 shares of the company’s stock valued at $1,140,000 after purchasing an additional 25,853 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cronos Group by 118.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,161 shares of the company’s stock valued at $678,000 after purchasing an additional 22,846 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of Cronos Group by 1.7% in the third quarter. CIBC Asset Management Inc now owns 100,084 shares of the company’s stock valued at $904,000 after acquiring an additional 1,642 shares in the last quarter. Institutional investors own 11.60% of the company’s stock.

Cronos Group Company Profile (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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