Cronos Group (NASDAQ:CRON) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Cronos Group (NASDAQ:CRON) from a hold rating to a sell rating in a research note released on Saturday.

A number of other research firms have also issued reports on CRON. Zacks Research lowered Cronos Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Canaccord Genuity Group assumed coverage on Cronos Group in a report on Tuesday, January 27th. They issued a “buy” rating for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Cronos Group in a research note on Monday, December 29th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $2.30 target price on shares of Cronos Group in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Cronos Group presently has a consensus rating of “Hold” and a consensus price target of $2.30.

Cronos Group Stock Performance

Shares of CRON stock opened at $2.51 on Friday. The company has a market cap of $957.79 million, a PE ratio of 25.10 and a beta of 0.80. The company’s fifty day simple moving average is $2.68 and its 200-day simple moving average is $2.54. Cronos Group has a 52 week low of $1.60 and a 52 week high of $3.43.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. Cronos Group had a net margin of 27.27% and a negative return on equity of 1.12%. The firm had revenue of $36.34 million during the quarter, compared to analysts’ expectations of $36.47 million. Equities research analysts expect that Cronos Group will post -0.03 EPS for the current fiscal year.

Institutional Trading of Cronos Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRON. Quinn Opportunity Partners LLC grew its holdings in Cronos Group by 73.0% during the 2nd quarter. Quinn Opportunity Partners LLC now owns 7,437,944 shares of the company’s stock worth $14,206,000 after acquiring an additional 3,138,018 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Cronos Group by 5.3% during the second quarter. Tidal Investments LLC now owns 5,653,070 shares of the company’s stock worth $10,797,000 after purchasing an additional 282,356 shares during the last quarter. MMCAP International Inc. SPC grew its stake in Cronos Group by 4.9% in the third quarter. MMCAP International Inc. SPC now owns 1,769,082 shares of the company’s stock worth $4,918,000 after purchasing an additional 82,700 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in Cronos Group by 50.2% in the third quarter. Hillsdale Investment Management Inc. now owns 1,383,776 shares of the company’s stock worth $3,827,000 after purchasing an additional 462,294 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in Cronos Group by 229.6% in the third quarter. Two Sigma Investments LP now owns 1,310,386 shares of the company’s stock valued at $3,643,000 after buying an additional 912,773 shares during the last quarter. Institutional investors own 8.71% of the company’s stock.

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.