The stock of Cronos Group Inc. (CRON) formed a down wedge with $6.23 target or 9.00 % below today’s $6.85 share price. The 7 months wedge indicates high risk for the $2.36B company. If the $6.23 price target is reached, the company will be worth $212.76M less.
Falling wedges are poor performers for bullish breakouts and are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 11% and 15%. The average rise is 32% and the decline is 15%. The falling wedges has high throwback and pullback rate: 56%, 69% and the percent of wedges meeting target is not very high.
The stock decreased 0.15% or $0.01 during the last trading session, reaching $6.85. About 2.92 million shares traded. Cronos Group Inc. (NASDAQ:CRON) has risen 133.28% since November 30, 2018 and is uptrending. It has outperformed by 133.28% the S&P500.
Analysts await Cronos Group Inc. (NASDAQ:CRON) to report earnings on March, 24. They expect $-0.04 earnings per share, up 20.00 % or $0.01 from last year’s $-0.05 per share. After $-0.02 actual earnings per share reported by Cronos Group Inc. for the previous quarter, Wall Street now forecasts 100.00 % negative EPS growth.
Cronos Group Inc. (NASDAQ:CRON) Ratings Coverage
Among 3 analysts covering Cronos Group Inc. – Common Share (NASDAQ:CRON), 2 have Buy rating, 0 Sell and 1 Hold. Therefore 67% are positive. Cronos Group Inc. – Common Share has $2000 highest and $1200 lowest target. $14.67’s average target is 114.16% above currents $6.85 stock price. Cronos Group Inc. – Common Share had 8 analyst reports since June 5, 2019 according to SRatingsIntel. The rating was upgraded by Bank of America on Wednesday, June 5 to “Buy”. As per Tuesday, October 22, the company rating was maintained by Piper Jaffray. Bank of America maintained Cronos Group Inc. (NASDAQ:CRON) rating on Wednesday, November 13. Bank of America has “Buy” rating and $1500 target. The firm has “Hold” rating given on Friday, August 9 by Canaccord Genuity.
More notable recent Cronos Group Inc. (NASDAQ:CRON) news were published by: Seekingalpha.com which released: “Cronos’ generous acquisition of CBD startup a windfall for key executives – Seeking Alpha” on November 05, 2019, also Nasdaq.com with their article: “Business Services Q3 Earnings on Nov 7: NLSN, ENV & More – Nasdaq” published on November 07, 2019, Nasdaq.com published: “5 Questions Cronos Group Must Answer With Its Third-Quarter Report – Nasdaq” on November 08, 2019. More interesting news about Cronos Group Inc. (NASDAQ:CRON) were released by: Nasdaq.com and their article: “Here’s Why CRISPR Therapeutics Stock Is Falling Today – Nasdaq” published on November 21, 2019 as well as Nasdaq.com‘s news article titled: “Implied QQXT Analyst Target Price: $62 – Nasdaq” with publication date: November 18, 2019.
Cronos Group Inc., formerly known as PharmaCan Capital Corp., is a principal investment firm. The company has market cap of $2.36 billion. 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 . It currently has negative earnings. The firm typically invests in companies based in Canada.
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