Cronos Group Inc. (NASDAQ:CRON) Short Interest Down 21.9% in May

Cronos Group Inc. (NASDAQ:CRON) was the recipient of a significant drop in short interest in May. As of May 31st, there was short interest totalling 5,240,000 shares, a drop of 21.9% from the May 15th total of 6,710,000 shares. Based on an average daily trading volume, of 3,250,000 shares, the short-interest ratio is presently 1.6 days. Approximately 2.6% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CRON shares. CIBC lifted their price objective on shares of Cronos Group from $3.00 to $3.50 and gave the stock an “outperformer” rating in a research report on Wednesday, May 15th. Bank of America raised their target price on Cronos Group from $2.00 to $2.50 and gave the company an “underperform” rating in a report on Monday, April 8th.

Institutional Trading of Cronos Group

Hedge funds have recently made changes to their positions in the business. Chesapeake Capital Corp IL bought a new stake in Cronos Group during the 4th quarter worth approximately $25,000. Toronto Dominion Bank raised its holdings in shares of Cronos Group by 204.8% in the first quarter. Toronto Dominion Bank now owns 17,054 shares of the company’s stock valued at $45,000 after purchasing an additional 11,459 shares during the last quarter. Revisor Wealth Management LLC bought a new stake in Cronos Group during the third quarter worth $47,000. Cedar Wealth Management LLC bought a new position in shares of Cronos Group during the 1st quarter valued at approximately $60,000. Finally, Cerity Partners LLC bought a new position in shares of Cronos Group during the 4th quarter worth $65,000. 8.71% of the stock is owned by institutional investors and hedge funds.

Cronos Group Stock Performance

Shares of NASDAQ CRON traded down $0.08 during midday trading on Friday, reaching $2.38. 899,723 shares of the company traded hands, compared to its average volume of 1,314,315. The firm has a market cap of $909.18 million, a PE ratio of -15.87 and a beta of 1.05. Cronos Group has a 12 month low of $1.64 and a 12 month high of $3.14. The stock’s 50-day simple moving average is $2.61 and its 200-day simple moving average is $2.31.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $25.29 million for the quarter, compared to analyst estimates of $24.30 million. Cronos Group had a negative net margin of 61.31% and a negative return on equity of 3.06%. During the same period in the prior year, the business posted ($0.03) earnings per share.

About Cronos Group

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.