Cronos Group (NASDAQ:CRON) Sets New 52-Week High After Earnings Beat

Cronos Group Inc. (NASDAQ:CRON)’s stock price reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $3.71 and last traded at $3.6890, with a volume of 69,589 shares. The stock had previously closed at $3.51.

The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%.

Wall Street Analysts Forecast Growth

CRON has been the subject of several analyst reports. Wall Street Zen lowered shares of Cronos Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. TD Securities reiterated a “buy” rating on shares of Cronos Group in a research note on Monday, September 28th. Weiss Ratings raised Cronos Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Zacks Research upgraded shares of Cronos Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $2.30.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pure Financial Advisors LLC bought a new stake in shares of Cronos Group in the 2nd quarter valued at about $28,000. OneDigital Investment Advisors LLC bought a new stake in shares of Cronos Group during the 2nd quarter valued at approximately $29,000. Two Sigma Securities LLC acquired a new stake in shares of Cronos Group during the second quarter valued at about $34,000. Concurrent Investment Advisors LLC increased its stake in shares of Cronos Group by 69.0% in the second quarter. Concurrent Investment Advisors LLC now owns 19,623 shares of the company’s stock valued at $55,000 after buying an additional 8,009 shares during the period. Finally, Amundi acquired a new stake in shares of Cronos Group during the first quarter worth $54,000. Institutional investors and hedge funds own 8.71% of the company’s stock.

Cronos Group Trading Up 7.9%

The firm’s 50-day moving average price is $3.30 and its 200 day moving average price is $2.87. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 19.05 and a beta of 0.96.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company focused on developing, producing and commercializing cannabis and cannabis-derived consumer products. The company serves adult-use and medical cannabis markets through a portfolio of brands and sells products such as dried flower, pre-rolls, vaporizers, edibles, oils and other cannabis formats, subject to applicable regulations.

Its brand portfolio has included Spinach, which is positioned primarily in the adult-use cannabis market, as well as Lord Jones and PEACE NATURALS.