ValuEngine Upgrades Cronos Group (NASDAQ:CRON) to “Buy”
A number of other research firms have also recently commented on CRON. CIBC reissued a “buy” rating and set a $17.00 price target on shares of Cronos Group in a report on Wednesday, November 13th. Bank of America raised their price objective on Cronos Group from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Piper Jaffray Companies cut their price objective on Cronos Group from $18.00 to $12.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Zacks Investment Research lowered Cronos Group from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. Finally, MKM Partners began coverage on Cronos Group in a research report on Thursday, September 19th. They set a “neutral” rating and a $14.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. Cronos Group presently has an average rating of “Hold” and an average target price of $17.27.
NASDAQ:CRON opened at $6.50 on Tuesday. The business’s 50-day simple moving average is $7.79 and its two-hundred day simple moving average is $11.94. The stock has a market cap of $2.38 billion, a PE ratio of -81.25 and a beta of 3.20. Cronos Group has a 52 week low of $6.04 and a 52 week high of $25.10.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Cronos Group by 77.7% during the second quarter. Vanguard Group Inc. now owns 9,068,103 shares of the company’s stock valued at $144,910,000 after purchasing an additional 3,966,024 shares in the last quarter. ETF Managers Group LLC purchased a new position in Cronos Group in the second quarter worth about $95,437,000. Janus Henderson Group PLC grew its position in Cronos Group by 4,474.9% in the second quarter. Janus Henderson Group PLC now owns 800,600 shares of the company’s stock worth $12,871,000 after acquiring an additional 783,100 shares in the last quarter. Swiss National Bank grew its position in Cronos Group by 19.1% in the second quarter. Swiss National Bank now owns 693,400 shares of the company’s stock worth $11,124,000 after acquiring an additional 111,000 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its position in Cronos Group by 8.6% in the second quarter. UBS Asset Management Americas Inc. now owns 679,080 shares of the company’s stock worth $10,918,000 after acquiring an additional 53,833 shares in the last quarter. Hedge funds and other institutional investors own 11.72% of the company’s stock.
About Cronos Group
Cronos Group Inc, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations MMPR. The firm typically invests in companies based in Canada.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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