Cronos Group Inc. (NASDAQ:CRON) Receives Consensus Rating of “Hold” from Brokerages

Shares of Cronos Group Inc. (NASDAQ:CRON) have been assigned a consensus rating of “Hold” from the five brokerages that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $2.30.

CRON has been the topic of a number of analyst reports. Wall Street Zen downgraded Cronos Group from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. Finally, TD Securities reiterated a “buy” rating on shares of Cronos Group in a research note on Tuesday, May 12th.

Cronos Group Price Performance

NASDAQ:CRON opened at $3.15 on Tuesday. Cronos Group has a one year low of $2.28 and a one year high of $3.43. The company’s 50-day simple moving average is $2.82 and its 200 day simple moving average is $2.70. The firm has a market capitalization of $1.17 billion, a P/E ratio of 15.75 and a beta of 0.90.

Cronos Group (NASDAQ:CRON) last announced its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%. The business had revenue of $53.01 million during the quarter, compared to the consensus estimate of $44.20 million. On average, equities research analysts expect that Cronos Group will post 0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cronos Group

Large investors have recently modified their holdings of the stock. Pillsbury Lake Capital LLC bought a new position in Cronos Group in the 4th quarter worth about $4,837,000. Cibc World Market Inc. bought a new stake in Cronos Group during the 2nd quarter valued at about $3,820,000. Arrowstreet Capital Limited Partnership increased its stake in Cronos Group by 1,135.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,108,131 shares of the company’s stock valued at $3,075,000 after purchasing an additional 1,018,448 shares in the last quarter. MMCAP International Inc. SPC raised its holdings in Cronos Group by 56.1% in the fourth quarter. MMCAP International Inc. SPC now owns 2,761,059 shares of the company’s stock worth $7,262,000 after buying an additional 991,977 shares during the last quarter. Finally, Oasis Management Co Ltd. purchased a new position in Cronos Group in the fourth quarter worth about $2,409,000. Hedge funds and other institutional investors own 8.71% of the company’s stock.

About Cronos Group

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.