Zacks Investment Research Downgrades Cronos Group (NASDAQ:CRON) to Hold
According to Zacks, “Cronos Group, Inc. engages in the investment in firms which are licensed to produce and sell medical marijuana. Its portfolio includes In The Zone, Peace Naturals, Whistler Medical Marijuana Co., ABcann, Hydropothecary, Vert Medical and Evergreen Medicinal Supply. Cronos Group Inc., formerly known as PharmaCan Capital Corp., is headquartered in Toronto, Canada. “
CRON has been the topic of several other research reports. Stifel Nicolaus dropped their price objective on MacroGenics from $36.00 to $29.00 and set a buy rating on the stock in a research note on Wednesday, June 5th. TheStreet raised Third Point Reinsurance from a d+ rating to a c- rating in a research note on Tuesday, May 14th. Consumer Edge assumed coverage on Canopy Growth in a research note on Friday, June 28th. They set an equal weight rating on the stock. Canaccord Genuity downgraded Cronos Group from a hold rating to a sell rating and set a C$17.00 price objective on the stock. in a research note on Wednesday, March 27th. Finally, CIBC set a $30.00 price objective on Cronos Group and gave the stock a buy rating in a research note on Wednesday, March 27th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $19.28.
Cronos Group (NASDAQ:CRON) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.38. The business had revenue of $6.47 million for the quarter, compared to the consensus estimate of $6.87 million. Cronos Group had a return on equity of 99.44% and a net margin of 2,107.83%. The company’s revenue was up 119.3% compared to the same quarter last year. On average, equities analysts forecast that Cronos Group will post 0.03 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CRON. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Cronos Group in the 1st quarter valued at about $12,113,000. Two Sigma Advisers LP raised its stake in shares of Cronos Group by 544.3% in the 4th quarter. Two Sigma Advisers LP now owns 388,828 shares of the company’s stock valued at $4,099,000 after purchasing an additional 328,479 shares during the period. Swiss National Bank raised its stake in shares of Cronos Group by 90.1% in the 1st quarter. Swiss National Bank now owns 582,400 shares of the company’s stock valued at $10,702,000 after purchasing an additional 276,000 shares during the period. Millennium Management LLC raised its stake in shares of Cronos Group by 161.9% in the 4th quarter. Millennium Management LLC now owns 92,706 shares of the company’s stock valued at $963,000 after purchasing an additional 242,406 shares during the period. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of Cronos Group in the 1st quarter valued at about $4,160,000. 8.33% of the stock is currently owned by hedge funds and other institutional investors.
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.
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