Quinn Opportunity Partners LLC Sells 5,965,662 Shares of Cronos Group Inc. $CRON

Quinn Opportunity Partners LLC trimmed its holdings in shares of Cronos Group Inc. (NASDAQ:CRON) by 80.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,472,282 shares of the company’s stock after selling 5,965,662 shares during the quarter. Quinn Opportunity Partners LLC’s holdings in Cronos Group were worth $4,093,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CRON. Envestnet Asset Management Inc. purchased a new position in Cronos Group in the second quarter worth about $36,000. Empirical Asset Management LLC purchased a new stake in Cronos Group during the third quarter valued at approximately $70,000. Quadrature Capital Ltd purchased a new stake in Cronos Group during the second quarter valued at approximately $70,000. Northwest & Ethical Investments L.P. bought a new stake in shares of Cronos Group in the 2nd quarter valued at approximately $92,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of Cronos Group by 291.6% in the 1st quarter. Jones Financial Companies Lllp now owns 65,099 shares of the company’s stock valued at $118,000 after purchasing an additional 48,476 shares during the last quarter. Institutional investors own 8.71% of the company’s stock.

Cronos Group Price Performance

Shares of CRON stock opened at $2.50 on Friday. The company has a market capitalization of $950.40 million, a P/E ratio of -249.75 and a beta of 0.78. The company’s 50-day simple moving average is $2.62 and its two-hundred day simple moving average is $2.60. Cronos Group Inc. has a one year low of $1.60 and a one year high of $3.43.

Cronos Group (NASDAQ:CRON) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $58.39 million during the quarter, compared to the consensus estimate of $38.51 million. Cronos Group had a negative net margin of 6.44% and a negative return on equity of 1.12%. On average, research analysts expect that Cronos Group Inc. will post -0.03 EPS for the current fiscal year.

Analyst Ratings Changes

CRON has been the topic of several analyst reports. Wall Street Zen raised Cronos Group from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Sanford C. Bernstein restated a “market perform” rating and issued a $2.30 price target on shares of Cronos Group in a research report on Wednesday, January 14th. Canaccord Genuity Group started coverage on shares of Cronos Group in a research note on Tuesday, January 27th. They set a “buy” rating for the company. Zacks Research cut shares of Cronos Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings downgraded shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cronos Group has a consensus rating of “Hold” and an average price target of $2.30.

Cronos Group Company Profile

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.