Cronos Group (NASDAQ:CRON) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Monday, ValuEngine reports.
Other analysts also recently issued reports about the company. Stifel Nicolaus upgraded Cronos Group from a “hold” rating to a “buy” rating and decreased their price target for the stock from $16.50 to $14.00 in a report on Friday. Piper Jaffray Companies initiated coverage on Cronos Group in a report on Monday, August 12th. They set an “overweight” rating and a $18.00 price target for the company. Bank of America increased their price target on Cronos Group from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, August 9th. MKM Partners initiated coverage on Cronos Group in a report on Thursday, September 19th. They set a “neutral” rating and a $14.00 price target for the company. Finally, Consumer Edge initiated coverage on Cronos Group in a report on Friday, June 28th. They set an “equal weight” rating for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $19.38.
Cronos Group stock traded up $0.19 during trading hours on Monday, reaching $8.51. 6,214,891 shares of the company’s stock were exchanged, compared to its average volume of 8,445,796. The firm’s 50 day simple moving average is $9.79 and its 200 day simple moving average is $13.76. Cronos Group has a twelve month low of $6.50 and a twelve month high of $25.10. The firm has a market capitalization of $3.02 billion, a PE ratio of -106.31 and a beta of 3.46.
Cronos Group (NASDAQ:CRON) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. Cronos Group had a return on equity of 60.20% and a net margin of 2,521.25%. The firm had revenue of $10.80 million during the quarter, compared to the consensus estimate of $7.16 million. The firm’s revenue was up 217.6% on a year-over-year basis. On average, research analysts expect that Cronos Group will post -0.08 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. Wedbush Securities Inc. boosted its position in shares of Cronos Group by 23.5% during the 3rd quarter. Wedbush Securities Inc. now owns 81,085 shares of the company’s stock worth $734,000 after purchasing an additional 15,427 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its position in shares of Cronos Group by 48.0% during the 3rd quarter. Wealthcare Advisory Partners LLC now owns 6,472 shares of the company’s stock worth $59,000 after purchasing an additional 2,100 shares in the last quarter. Valeo Financial Advisors LLC boosted its position in shares of Cronos Group by 195.2% during the 3rd quarter. Valeo Financial Advisors LLC now owns 7,562 shares of the company’s stock worth $68,000 after purchasing an additional 5,000 shares in the last quarter. River & Mercantile Asset Management LLP bought a new position in shares of Cronos Group during the 2nd quarter worth about $1,959,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Cronos Group by 413.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 236,997 shares of the company’s stock worth $3,810,000 after purchasing an additional 190,803 shares in the last quarter. 11.45% of the stock is currently owned by institutional investors.
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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