Ellen Kelleher, 31 August 2018
Shares in the Canadian cannabis group Cronos Group Inc (NASDAQ:CRON) have taken a tumble after the infamous short seller Andrew Left’s firm Citron Research delivered a pessimistic call on the stock. In a note to investors and via its Twitter feed, Citron Research charged that Cronos is the “most overhyped” of all the pot stocks and set a price target of US$3.50 on the Ontario-based company.
The stock fell by 28.4% to US$9.12 in Thursday’s after-hours session. Those losses were extended early on Friday when Cronos stock on the Nasdaq in New York slid another 4.5% to trade at US$8.70 in premarket business. But just as quickly, the stock reversed when trading got going on Friday. Shares climbed to a session peak of US$10.29 before ending 8.33% higher at US$9.88. The share rose 0.4% in after hours trade on Friday to US$9.92. In two days of trading, the stock had swung wildly from its lows to its highs.
