Tidal Investments LLC Reduces Stake in Cronos Group Inc. $CRON

Tidal Investments LLC lowered its stake in Cronos Group Inc. (NASDAQ:CRON) by 6.4% in the 2nd quarter, Holdings Channel reports. The firm owned 3,767,849 shares of the company’s stock after selling 259,043 shares during the quarter. Tidal Investments LLC’s holdings in Cronos Group were worth $10,475,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Squarepoint Ops LLC increased its position in shares of Cronos Group by 14.6% during the second quarter. Squarepoint Ops LLC now owns 42,661 shares of the company’s stock valued at $119,000 after buying an additional 5,441 shares during the period. Spark Investment Management LLC purchased a new position in Cronos Group during the second quarter valued at approximately $77,000. Amundi grew its stake in Cronos Group by 14.8% during the second quarter. Amundi now owns 24,728 shares of the company’s stock valued at $69,000 after acquiring an additional 3,180 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in Cronos Group by 69.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 19,623 shares of the company’s stock worth $55,000 after acquiring an additional 8,009 shares during the period. Finally, Headlands Technologies LLC increased its holdings in Cronos Group by 60.0% during the 2nd quarter. Headlands Technologies LLC now owns 127,364 shares of the company’s stock worth $354,000 after acquiring an additional 47,756 shares during the period. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Wall Street Analyst Weigh In

CRON has been the subject of several analyst reports. Wall Street Zen downgraded shares of Cronos Group from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings cut shares of Cronos Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $2.30.

Cronos Group Trading Down 0.6%

Shares of CRON opened at $3.14 on Friday. The company has a market cap of $1.16 billion, a PE ratio of 15.70 and a beta of 0.94. The stock has a 50-day moving average price of $3.03 and a 200-day moving average price of $2.79. Cronos Group Inc. has a 12-month low of $2.28 and a 12-month high of $3.61.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.01 by $0.08. The company had revenue of $53.01 million during 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%. As a group, analysts predict that Cronos Group Inc. will post 0.11 earnings per share for the current year.

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.