Cann initiated coverage on shares of Cronos Group (NASDAQ:CRON) in a report issued on Friday morning, The Fly reports. The brokerage issued a sell rating and a $4.50 target price on the stock.
Separately, Canaccord Genuity raised shares of Cronos Group from a sell rating to a hold rating in a research report on Wednesday, August 15th.
Shares of CRON stock traded up $0.81 during trading on Friday, hitting $9.86. 8,463,153 shares of the stock traded hands, compared to its average volume of 7,570,450. The firm has a market cap of $1.97 billion and a PE ratio of 986.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 44.71 and a current ratio of 52.98. Cronos Group has a 52-week low of $2.39 and a 52-week high of $15.30.
Several hedge funds have recently added to or reduced their stakes in CRON. Tower Research Capital LLC TRC increased its holdings in Cronos Group by 10,393.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 17,419 shares of the company’s stock valued at $114,000 after purchasing an additional 17,253 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management acquired a new stake in Cronos Group in the 2nd quarter valued at approximately $129,000. Royal Bank of Canada acquired a new stake in Cronos Group in the 1st quarter valued at approximately $169,000. Sigma Planning Corp acquired a new stake in Cronos Group in the 2nd quarter valued at approximately $178,000. Finally, Farmers Trust Co. increased its holdings in Cronos Group by 100.0% in the 2nd quarter. Farmers Trust Co. now owns 30,000 shares of the company’s stock valued at $196,000 after purchasing an additional 15,000 shares during the last quarter. 9.47% 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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