Zacks Investment Research lowered shares of Cronos Group (NASDAQ:CRON – Get Rating) from a buy rating to a hold rating in a research report released on Wednesday, Zacks.com reports.
According to Zacks, “Cronos Group, Inc. engages in the investment in firms which are licensed to produce and sell medical marijuana. Its portfolio includes In The Zone, Peace Naturals, Whistler Medical Marijuana Co., ABcann, Hydropothecary, Vert Medical and Evergreen Medicinal Supply. Cronos Group Inc., formerly known as PharmaCan Capital Corp., is headquartered in Toronto, Canada. “
CRON has been the subject of several other research reports. Canaccord Genuity Group dropped their price objective on shares of Cronos Group from C$7.00 to C$4.25 and set a sell rating for the company in a report on Tuesday, February 22nd. Barclays raised shares of Cronos Group from an underweight rating to an equal weight rating and set a $5.00 price objective on the stock in a research note on Tuesday, March 22nd. Jefferies Financial Group raised shares of Cronos Group from an underperform rating to a hold rating and reduced their price objective for the company from $5.54 to $3.24 in a research note on Thursday, January 27th. Canaccord Genuity Group cut their target price on shares of Cronos Group from $7.00 to $4.25 and set a sell rating on the stock in a report on Tuesday, February 22nd. Finally, Raymond James set a $5.00 target price on shares of Cronos Group and gave the stock an outperform rating in a report on Wednesday, March 2nd. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cronos Group has a consensus rating of Hold and an average target price of $4.45.
CRON stock opened at $3.24 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 19.25 and a current ratio of 19.86. Cronos Group has a 52-week low of $2.84 and a 52-week high of $9.42. The company has a 50-day moving average of $3.43 and a two-hundred day moving average of $4.07.
Cronos Group (NASDAQ:CRON – Get Rating) last announced its quarterly earnings data on Tuesday, March 1st. The company reported ($0.36) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.26). Cronos Group had a negative net margin of 214.92% and a negative return on equity of 16.44%. The company had revenue of $25.80 million for the quarter, compared to analyst estimates of $30.40 million. During the same period in the prior year, the company posted ($0.19) EPS. The firm’s quarterly revenue was up 50.9% on a year-over-year basis. Equities analysts anticipate that Cronos Group will post -0.24 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Cronos Group during the 1st quarter worth approximately $459,000. Invesco Ltd. lifted its holdings in shares of Cronos Group by 154.2% during the 2nd quarter. Invesco Ltd. now owns 25,894 shares of the company’s stock worth $223,000 after acquiring an additional 15,709 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Cronos Group by 4.2% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 81,164 shares of the company’s stock worth $459,000 after acquiring an additional 3,242 shares during the period. Swiss National Bank lifted its holdings in shares of Cronos Group by 5.0% during the 3rd quarter. Swiss National Bank now owns 455,100 shares of the company’s stock worth $2,556,000 after acquiring an additional 21,700 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in shares of Cronos Group by 3.8% during the 3rd quarter. Mackenzie Financial Corp now owns 45,754 shares of the company’s stock worth $258,000 after acquiring an additional 1,656 shares during the period. Institutional investors and hedge funds own 13.40% of the company’s stock.
Cronos Group Company Profile (Get Rating)
Cronos Group Inc operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets.
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