Equities research analysts expect that Cronos Group Inc (NASDAQ:CRON) will report sales of $10.99 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Cronos Group’s earnings. The highest sales estimate is $12.65 million and the lowest is $9.70 million. Cronos Group reported sales of $2.88 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 281.6%. The firm is scheduled to issue its next earnings report before the market opens on Tuesday, November 12th.
On average, analysts expect that Cronos Group will report full year sales of $40.64 million for the current fiscal year, with estimates ranging from $35.83 million to $49.46 million. For the next fiscal year, analysts anticipate that the business will report sales of $148.64 million, with estimates ranging from $122.48 million to $174.72 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Cronos Group.
Cronos Group (NASDAQ:CRON) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $10.80 million during the quarter, compared to analyst estimates of $7.16 million. Cronos Group had a return on equity of 60.20% and a net margin of 2,521.25%. The business’s revenue was up 217.6% on a year-over-year basis.
CRON has been the subject of a number of research analyst reports. 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. Zacks Investment Research upgraded Cronos Group from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Tuesday, October 8th. Stifel Nicolaus upgraded Cronos Group from a “hold” rating to a “buy” rating and cut their price objective for the company from $16.50 to $14.00 in a research report on Friday, October 18th. MKM Partners initiated 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. Finally, BMO Capital Markets upgraded Cronos Group from an “underperform” rating to a “market perform” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Cronos Group has a consensus rating of “Hold” and an average target price of $18.71.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alberta Investment Management Corp grew its position in Cronos Group by 21.0% in the third quarter. Alberta Investment Management Corp now owns 359,100 shares of the company’s stock worth $3,247,000 after acquiring an additional 62,300 shares in the last quarter. Essex Investment Management Co. LLC grew its position in Cronos Group by 93.4% in the third quarter. Essex Investment Management Co. LLC now owns 237,108 shares of the company’s stock worth $2,146,000 after acquiring an additional 114,531 shares in the last quarter. Wedbush Securities Inc. grew its position in Cronos Group by 23.5% in the third quarter. Wedbush Securities Inc. now owns 81,085 shares of the company’s stock worth $734,000 after acquiring an additional 15,427 shares in the last quarter. Wealthcare Advisory Partners LLC grew its position in Cronos Group by 48.0% in the third quarter. Wealthcare Advisory Partners LLC now owns 6,472 shares of the company’s stock worth $59,000 after acquiring an additional 2,100 shares in the last quarter. Finally, Valeo Financial Advisors LLC grew its position in Cronos Group by 195.2% in the third quarter. Valeo Financial Advisors LLC now owns 7,562 shares of the company’s stock worth $68,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors own 11.45% of the company’s stock.
Shares of Cronos Group stock opened at $8.75 on Tuesday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -109.38 and a beta of 3.46. The business has a 50-day moving average price of $9.44 and a 200-day moving average price of $13.44. Cronos Group has a twelve month low of $6.50 and a twelve month high of $25.10.
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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