Wedbush Securities Inc. decreased its stake in Cronos Group Inc (NASDAQ:CRON) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,658 shares of the company’s stock after selling 1,595 shares during the period. Wedbush Securities Inc.’s holdings in Cronos Group were worth $1,049,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Gables Capital Management Inc. lifted its holdings in shares of Cronos Group by 20.0% in the 1st quarter. Gables Capital Management Inc. now owns 3,600 shares of the company’s stock worth $66,000 after purchasing an additional 600 shares during the last quarter. Focused Wealth Management Inc lifted its holdings in shares of Cronos Group by 48.5% in the 1st quarter. Focused Wealth Management Inc now owns 1,849 shares of the company’s stock worth $34,000 after purchasing an additional 604 shares during the last quarter. RPG Investment Advisory LLC lifted its holdings in shares of Cronos Group by 237.5% in the 1st quarter. RPG Investment Advisory LLC now owns 1,350 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Kistler Tiffany Companies LLC lifted its holdings in shares of Cronos Group by 125.0% in the 1st quarter. Kistler Tiffany Companies LLC now owns 1,755 shares of the company’s stock worth $32,000 after purchasing an additional 975 shares during the last quarter. Finally, AE Wealth Management LLC lifted its holdings in shares of Cronos Group by 9.7% in the 2nd quarter. AE Wealth Management LLC now owns 15,864 shares of the company’s stock worth $254,000 after purchasing an additional 1,409 shares during the last quarter. 8.51% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently issued reports on CRON. Piper Jaffray Companies began coverage on Cronos Group in a report on Monday. They issued an “overweight” rating and a $18.00 price target on the stock. Consumer Edge started coverage on Cronos Group in a report on Friday, June 28th. They issued an “equal weight” rating on the stock. Zacks Investment Research cut Cronos Group from a “buy” rating to a “hold” rating in a research report on Monday. BMO Capital Markets restated a “sell” rating on shares of Cronos Group in a research report on Friday, August 9th. Finally, Bank of America raised their target price on Cronos Group from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. Cronos Group has an average rating of “Hold” and a consensus target price of $19.62.
CRON traded down $0.65 during trading hours on Wednesday, hitting $13.27. The company’s stock had a trading volume of 107,345 shares, compared to its average volume of 9,533,359. Cronos Group Inc has a fifty-two week low of $5.61 and a fifty-two week high of $25.10. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of -167.25 and a beta of 3.43. The business’s 50-day moving average is $14.72.
Cronos Group (NASDAQ:CRON) last posted its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. Cronos Group had a return on equity of 84.04% and a net margin of 2,521.25%. The firm had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $7.16 million. Cronos Group’s quarterly revenue was up 217.6% on a year-over-year basis. As a group, equities research analysts forecast that Cronos Group Inc will post 0.03 earnings per share for the current year.
Cronos Group Profile
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.
Further Reading: Outperform Rating
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