Cronos Group Inc (NASDAQ:CRON) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 30,054,099 shares, an increase of 16.8% from the October 15th total of 25,732,043 shares. Based on an average daily trading volume, of 15,124,651 shares, the short-interest ratio is currently 2.0 days.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. USA Mutuals Advisors Inc. acquired a new position in Cronos Group in the 3rd quarter worth $500,000. PEAK6 Investments L.P. acquired a new position in Cronos Group in the 2nd quarter worth $258,000. Lourd Capital LLC acquired a new position in Cronos Group in the 2nd quarter worth $379,000. Commonwealth Equity Services LLC boosted its stake in Cronos Group by 77.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 77,445 shares of the company’s stock worth $505,000 after purchasing an additional 33,687 shares during the period. Finally, Exane Derivatives acquired a new position in Cronos Group in the 3rd quarter worth $123,000. Institutional investors and hedge funds own 9.77% of the company’s stock.
CRON opened at $8.55 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 52.98 and a quick ratio of 44.71. Cronos Group has a 12 month low of $2.52 and a 12 month high of $15.30. The firm has a market capitalization of $1.60 billion and a P/E ratio of 855.00.
A number of research firms recently commented on CRON. Zacks Investment Research upgraded shares of Cronos Group from a “hold” rating to a “buy” rating and set a $9.25 price objective for the company in a research report on Tuesday. Cann began coverage on shares of Cronos Group in a research report on Friday, October 12th. They issued a “sell” rating and a $4.50 price objective for the company. Finally, Canaccord Genuity upgraded shares of Cronos Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Cronos Group has an average rating of “Hold” and an average target price of $6.88.
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About Cronos Group
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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