Legal & General Group Plc Takes Position in Cronos Group Inc. $CRON

Legal & General Group Plc purchased a new stake in shares of Cronos Group Inc. (NASDAQ:CRON) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 175,368 shares of the company’s stock, valued at approximately $485,000.

Several other large investors have also recently made changes to their positions in the business. Pillsbury Lake Capital LLC purchased a new stake in shares of Cronos Group during the 4th quarter valued at about $4,837,000. Cibc World Market Inc. purchased a new position in shares of Cronos Group in the 2nd quarter worth $3,820,000. Arrowstreet Capital Limited Partnership increased its position in shares of Cronos Group by 1,135.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,108,131 shares of the company’s stock valued at $3,075,000 after purchasing an additional 1,018,448 shares during the last quarter. MMCAP International Inc. SPC lifted its stake in shares of Cronos Group by 56.1% in the 4th quarter. MMCAP International Inc. SPC now owns 2,761,059 shares of the company’s stock worth $7,262,000 after purchasing an additional 991,977 shares during the period. Finally, Oasis Management Co Ltd. bought a new position in Cronos Group in the fourth quarter worth approximately $2,409,000. 8.71% of the stock is currently owned by hedge funds and other institutional investors.

Cronos Group Trading Down 2.5%

Shares of CRON opened at $3.18 on Wednesday. The company’s fifty day simple moving average is $3.02 and its 200-day simple moving average is $2.78. Cronos Group Inc. has a twelve month low of $2.28 and a twelve month high of $3.61. The company has a market cap of $1.17 billion, a P/E ratio of 15.90 and a beta of 0.94.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.01 by $0.08. The firm had revenue of $53.01 million for the quarter, compared to analyst estimates of $44.20 million. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%. Analysts predict that Cronos Group Inc. will post 0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRON. TD Securities reissued a “buy” rating on shares of Cronos Group in a report on Tuesday, May 12th. Weiss Ratings raised shares of Cronos Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 26th. Finally, Wall Street Zen downgraded shares of Cronos Group from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Cronos Group has a consensus rating of “Moderate Buy” and an average target price of $2.30.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.