Cronos Group Inc. [NASDAQ: CRON] closed the trading session at $9.03 on 06/09/21. The day’s price range saw the stock hit a low of $8.90, while the highest price level was $9.42. The company report on June 4, 2021 that Cronos Group and Ginkgo Bioworks Amend Agreement to Accelerate Commercialization of Cultured Cannabinoids and Cronos Group Begins Commercial Production of CBG.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group”), an innovative global cannabinoid company, and Ginkgo Bioworks, Inc. (“Ginkgo”), which is building the leading horizontal platform for cell programming, announced an amended collaboration and license agreement (the “Amended Agreement”) that will enable the companies to accelerate the commercialization of cultured cannabinoids at scale.
The Amended Agreement with Ginkgo will enable Cronos Group to commercialize products using cultured cannabinoids ahead of reaching the originally stated productivity targets, while maintaining the incentives to continue to develop towards and achieve the previously agreed upon efficiency and cost goals. This approach is expected to facilitate Cronos Group’s cultured cannabinoid products being first to market in Canada, which will drive significant market knowledge and consumer insights that are expected to help deliver future novel and innovative consumer-driven products. Cronos Group expects that the final productivity target for CBG will be achieved prior to September 2021, as previously announced.
The stocks have a year to date performance of 30.12 percent and weekly performance of 0.67 percent. The stock has been moved at 6.61 percent over the last six months. The stock has performed 23.87 percent around the most recent 30 days and changed -7.19 percent over the most recent 3-months.
If compared to the average trading volume of 2.99M shares, CRON reached to a volume of 4246966 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Cronos Group Inc. [CRON]:
BofA Securities have made an estimate for Cronos Group Inc. shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on April 28, 2021. While these analysts kept the previous recommendation, CIBC dropped their target price from $8 to $12.50. The new note on the price target was released on February 22, 2021, representing the official price target for Cronos Group Inc. stock.
The Average True Range (ATR) for Cronos Group Inc. is set at 0.50, with the Price to Sales ratio for CRON stock in the period of the last 12 months amounting to 71.84. The Price to Book ratio for the last quarter was 1.90.
CRON stock trade performance evaluation
Cronos Group Inc. [CRON] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.67. With this latest performance, CRON shares gained by 23.87% in over the last four-week period, additionally plugging by 6.61% over the last 6 months – not to mention a rise of 20.24% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CRON stock in for the last two-week period is set at 61.04, with the RSI for the last a single of trading hit 64.68, and the three-weeks RSI is set at 57.14 for Cronos Group Inc. [CRON]. The present Moving Average for the last 50 days of trading for this stock 8.19, while it was recorded at 8.84 for the last single week of trading, and 8.10 for the last 200 days.
Cronos Group Inc. [CRON]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Cronos Group Inc. [CRON] shares currently have an operating margin of -383.88 and a Gross Margin at -61.44. Cronos Group Inc.’s Net Margin is presently recorded at -155.16.
Return on Total Capital for CRON is now -10.77, given the latest momentum, and Return on Invested Capital for the company is -4.35. Return on Equity for this stock declined to -4.37, with Return on Assets sitting at -3.77. When it comes to the capital structure of this company, Cronos Group Inc. [CRON] has a Total Debt to Total Equity ratio set at 0.57. Additionally, CRON Total Debt to Total Capital is recorded at 0.57, with Total Debt to Total Assets ending up at 0.51. Long-Term Debt to Equity for the company is recorded at 0.50, with the Long-Term Debt to Total Capital now at 0.49.
Reflecting on the efficiency of the workforce at the company, Cronos Group Inc. [CRON] managed to generate an average of -$145,767 per employee. Receivables Turnover for the company is 2.29 with a Total Asset Turnover recorded at a value of 0.02.
Cronos Group Inc. [CRON]: Insider Ownership positions
There are presently around $436 million, or 14.52% of CRON stock, in the hands of institutional investors. The top three institutional holders of CRON stocks are: ETF MANAGERS GROUP, LLC with ownership of 9,137,725, which is approximately 22.261% of the company’s market cap and around 49.22% of the total institutional ownership; CHESCAPMANAGER LLC, holding 8,837,890 shares of the stock with an approximate value of $79.81 million in CRON stocks shares; and VANGUARD GROUP INC, currently with $49.49 million in CRON stock with ownership of nearly 4.696% of the company’s market capitalization.
Positions in Cronos Group Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 115 institutional holders increased their position in Cronos Group Inc. [NASDAQ:CRON] by around 10,958,999 shares. Additionally, 98 investors decreased positions by around 5,675,835 shares, while 70 investors held positions by with 31,682,091 shares. The mentioned changes placed institutional holdings at 48,316,925 shares, according to the latest SEC report filing. CRON stock had 43 new institutional investments in for a total of 2,911,865 shares, while 42 institutional investors sold positions of 2,838,905 shares during the same period.