Cronos Group Inc. $CRON Shares Purchased by MMCAP International Inc. SPC

MMCAP International Inc. SPC boosted its stake in Cronos Group Inc. (NASDAQ:CRON) by 56.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,761,059 shares of the company’s stock after acquiring an additional 991,977 shares during the quarter. MMCAP International Inc. SPC owned 0.72% of Cronos Group worth $7,262,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Leonteq Securities AG acquired a new stake in Cronos Group in the 4th quarter valued at $282,000. HighTower Advisors LLC lifted its holdings in Cronos Group by 323.4% in the 4th quarter. HighTower Advisors LLC now owns 12,959 shares of the company’s stock valued at $34,000 after purchasing an additional 18,761 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in Cronos Group in the 4th quarter valued at $30,000. MGO One Seven LLC purchased a new position in Cronos Group in the 4th quarter valued at $195,000. Finally, Pictet Asset Management Holding SA lifted its holdings in Cronos Group by 19.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,631 shares of the company’s stock valued at $86,000 after purchasing an additional 5,349 shares in the last quarter. Institutional investors and hedge funds own 8.71% of the company’s stock.

Cronos Group Stock Down 0.4%

NASDAQ CRON opened at $2.73 on Wednesday. The business’s fifty day simple moving average is $2.62 and its 200-day simple moving average is $2.62. The firm has a market cap of $1.03 billion, a PE ratio of 273.27 and a beta of 0.87. Cronos Group Inc. has a 52 week low of $1.84 and a 52 week high of $3.43.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The firm had revenue of $58.97 million for the quarter, compared to analysts’ expectations of $42.20 million. Cronos Group had a negative net margin of 1.14% and a negative return on equity of 1.26%. Research analysts expect that Cronos Group Inc. will post 0.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRON. Canaccord Genuity Group began coverage on Cronos Group in a report on Tuesday, January 27th. They issued a “buy” rating on the stock. Wall Street Zen upgraded shares of Cronos Group from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Weiss Ratings lowered shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Finally, TD Securities restated a “buy” rating on shares of Cronos Group in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.30.

Cronos Group Company Profile

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.