The stock of Cronos Group Inc. (NASDAQ:CRON) is now priced at $5.8 and the shares are 0.16 points up or 2.84% higher compared to its previous closing price of $5.64. The stock had 5.305 million contracts set over the past session. CRON shares’ daily volume is compared to its average trading volume at 5.869 million shares. However, it has a float of 183 million and although its performance was -14.58% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CRON share price recently placing at $5.63 to $5.87. However, some brokerage firms have priced the stock below the average, including one that has called $4.18.
The shorts are climbing into the Cronos Group Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the CRON shares have risen. Short interest in the stock represents just 25.75% of its float, but the volume has raised by 1470821. The volume of shorted shares rised to 47.191 million from 45.721 million shares over the last two weeks. The average intraday trading volume has been 2.789 million shares, which means that days to cover moved to roughly 16.921754.
In the last trading session, Cronos Group Inc. (NASDAQ:CRON) dropped by -$0.99 over the week and lost -$0.47 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $14.03. The stock recorded its established 52-week high on 08/13/19.
Since 03/16/20, the stock has traded to a low of $4 at 45%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Cronos Group Inc.’s two-week RSI is 39.62. This suggests that the stock is neutral at the moment and that CRON shares’ price movement remains stable. The stochastic readings are equally revealing at 6.44% meaning the CRON share price is currently in overbought territory.
The technical chart shows that the CRON stock will likely settle at between $5.9 and $6.01 per share. However, if the stock dips below $5.66, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.53.
Currently, the stock is trading in the red of MACD, with a reading of -0.69. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Raymond James raised their recommendation for CRON from Mkt Perform to Outperform in June 24 review. Raymond James analysts downgraded their recommendation of the stock from Outperform to Mkt Perform in a flash note released to investors on April 27. Piper Sandler seeing the stock struggling downgraded it from Overweight to Neutral on April 14.
The average rating for the CRON equity is 3.14 and is currently gathering a bearish momentum. Of 6 analysts tracking Cronos Group Inc. polled by Reuters, 3 rated CRON as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.