Cronos Group (NASDAQ:CRON) Announces Quarterly Earnings Results

Cronos Group (NASDAQ:CRON) issued its earnings results on Thursday. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05, Zacks reports. Cronos Group had a negative return on equity of 0.84% and a net margin of 27.27%.The business had revenue of $36.34 million during the quarter, compared to analyst estimates of $36.47 million.

Cronos Group Stock Performance

CRON stock traded up $0.01 during trading on Friday, reaching $2.48. 1,386,857 shares of the company traded hands, compared to its average volume of 1,391,405. The business has a 50 day simple moving average of $2.56 and a 200 day simple moving average of $2.24. Cronos Group has a 12 month low of $1.60 and a 12 month high of $3.16. The company has a market capitalization of $949.57 million, a price-to-earnings ratio of 24.80 and a beta of 1.14.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRON. Corient Private Wealth LLC raised its stake in shares of Cronos Group by 35.0% during the 2nd quarter. Corient Private Wealth LLC now owns 135,882 shares of the company’s stock worth $260,000 after acquiring an additional 35,245 shares in the last quarter. Tidal Investments LLC grew its holdings in Cronos Group by 5.3% in the second quarter. Tidal Investments LLC now owns 5,653,070 shares of the company’s stock worth $10,797,000 after purchasing an additional 282,356 shares during the last quarter. Bank of America Corp DE increased its position in shares of Cronos Group by 11.0% during the second quarter. Bank of America Corp DE now owns 135,180 shares of the company’s stock worth $258,000 after purchasing an additional 13,450 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Cronos Group by 15.3% during the second quarter. Raymond James Financial Inc. now owns 360,052 shares of the company’s stock worth $688,000 after purchasing an additional 47,771 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Cronos Group by 192.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 89,683 shares of the company’s stock valued at $171,000 after purchasing an additional 59,013 shares during the last quarter. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wall Street Zen upgraded Cronos Group from a “sell” rating to a “hold” rating in a report on Saturday, August 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cronos Group in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of “Sell”.

Cronos Group Company Profile

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.