Cronos Group Inc. (CRON) Got Crushed -3.9% Today. Here’s Why

Cronos Group Inc. (NASDAQ:CRON) is a stock to watch today. At current price of $14.56, the shares have already lost -0.59 points (-3.9% lower) from its previous close of $15.15. The stock sets an active trading volume day with a reported 1749107 contracts so far this session. CRON shares had a relatively better volume day versus average trading capacity of 5.12 million shares, but with a 0 million float and a -0.59% run over a week, it’s definitely worth keeping an eye on. CRON share price has been trading recently between $15.025 and $15.85. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $15.

The shorts are climbing into Cronos Group Inc. (CRON) stock. The latest set of short interest data was released on 28 June 2019, and the numbers show a rise in short interest in CRON shares. While short interest still represents only 0% of CRON’s float, the number of shares shorted have risen by 3177582. The number of shares shorted advanced to 36102498 shares, up from 32924916 shares during the preceding fortnight. With average daily trading volumes at 4206443 shares, days to cover increased to about 4.951722 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Cannabis stocks mixed after landmark hearing on U.S. laws, CannTrust slammed afresh” and dated July 12, 2019.

During the recent trading session for Cronos Group Inc. (NASDAQ:CRON), the company witnessed their stock drop by $-0.59 over a week and tumble down $-1.66 from the price 20 days ago. When compared to their established 52-week high of $25.1, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 04/02/19. The recent low of $5.61 stood for a -41.99% since 08/14/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Cronos Group Inc., the two-week RSI stands at 38.47. This figure suggests that CRON stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CRON readings is similarly very revealing as it has a stochastic reading of 16.62% at this stage. This figure means that CRON share price today is being overbought.

Technical chart claims that Cronos Group Inc. (CRON) would settle between $15.66/share to $16.17/share level. However, if the stock price goes below the $14.83 mark, then the market for Cronos Group Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $14.52 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.27. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Consumer Edge Research, assumed coverage of CRON assigning Equal Weight rating, according to their opinion released on June 28. Stifel, analysts launched coverage of Cronos Group Inc. (NASDAQ:CRON) stock with a Hold recommendation, according to their flash note issued to investors on June 06. Analysts at BofA/Merrill released an upgrade from Underperform to Buy for the stock, in a research note that dated back to June 05.

CRON equity has an average rating of 3.23, with the figure leaning towards a bullish end. 13 analysts who tracked the company were contacted by Reuters. Amongst them, 7 rated the stock as a hold while the remaining 6 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 2 analysts rated Cronos Group Inc. (NASDAQ:CRON) as a buy or a strong buy while 4 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, CRON stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 349.46 while for the average stock in the same group, the multiple is 10.08. Cronos Group Inc. current P/E ratio of 53.33 means it is trading at a premium against its industry’s 30.34. In the past 5 years, this ratio for the stock has been fluctuating between 0 and 0.