Cronos Group (NASDAQ:CRON) Sets New 52-Week High on Earnings Beat

Shares of Cronos Group Inc. (NASDAQ:CRON) reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $3.71 and last traded at $3.6890, with a volume of 69,589 shares changing hands. The stock had previously closed at $3.51.

The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Securities restated a “buy” rating on shares of Cronos Group in a report on Monday, September 28th. Wall Street Zen downgraded shares of Cronos Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of Cronos Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Zacks Research upgraded shares of Cronos Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $2.30.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRON. Cibc World Market Inc. purchased a new stake in shares of Cronos Group in the second quarter worth about $3,820,000. Pillsbury Lake Capital LLC bought a new stake in Cronos Group during the 2nd quarter valued at $2,252,253. Parallax Volatility Advisers L.P. purchased a new position in shares of Cronos Group in the 2nd quarter worth approximately $834,000. Corient Private Wealth LP acquired a new position in shares of Cronos Group during the second quarter worth $595,000. Finally, Legal & General Group Plc acquired a new stake in Cronos Group in the 2nd quarter worth approximately $485,000. Institutional investors own 8.71% of the company’s stock.

Cronos Group Price Performance

The stock has a fifty day moving average of $3.30 and a 200 day moving average of $2.87. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 19.05 and a beta of 0.96.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company focused on developing, producing and commercializing cannabis and cannabis-derived consumer products. The company serves adult-use and medical cannabis markets through a portfolio of brands and sells products such as dried flower, pre-rolls, vaporizers, edibles, oils and other cannabis formats, subject to applicable regulations.

Its brand portfolio has included Spinach, which is positioned primarily in the adult-use cannabis market, as well as Lord Jones and PEACE NATURALS.