Cronos Group (NASDAQ:CRON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $9.25 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 2.21% from the company’s current price.
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. “
Several other equities research analysts also recently commented on the company. Cann started coverage on Cronos Group in a report on Friday, October 12th. They set a “sell” rating and a $4.50 target price on the stock. Canaccord Genuity upgraded Cronos Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. Cronos Group currently has a consensus rating of “Hold” and an average price target of $6.88.
Shares of NASDAQ:CRON traded up $0.80 during mid-day trading on Tuesday, hitting $9.05. 17,214,506 shares of the company traded hands, compared to its average volume of 8,102,625. The company has a market cap of $1.43 billion and a P/E ratio of 905.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 44.71 and a current ratio of 52.98. Cronos Group has a 52-week low of $2.49 and a 52-week high of $15.30.
Several large investors have recently made changes to their positions in CRON. Gerber Kawasaki Wealth & Investment Management raised its holdings in shares of Cronos Group by 1,024.5% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 208,589 shares of the company’s stock valued at $2,361,000 after buying an additional 190,039 shares during the period. Essex Investment Management Co. LLC purchased a new stake in shares of Cronos Group during the 3rd quarter valued at about $1,661,000. Lourd Capital LLC purchased a new stake in shares of Cronos Group during the 2nd quarter valued at about $379,000. USA Mutuals Advisors Inc. purchased a new stake in shares of Cronos Group during the 3rd quarter valued at about $500,000. Finally, PEAK6 Investments L.P. purchased a new stake in shares of Cronos Group during the 2nd quarter valued at about $258,000. Institutional investors and hedge funds own 9.77% of the company’s stock.
About Cronos Group
Cronos Group Inc, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations MMPR. The firm typically invests in companies based in Canada.
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