Cronos Group (NASDAQ:CRON) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Cronos Group (NASDAQ:CRON) announced its earnings results on Thursday. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.02 by $0.05, Zacks reports. The business had revenue of $36.34 million during the quarter, compared to the consensus estimate of $36.47 million. Cronos Group had a net margin of 27.27% and a negative return on equity of 0.84%.

Cronos Group Price Performance

NASDAQ:CRON traded up $0.01 during trading hours on Friday, reaching $2.48. 1,386,857 shares of the company were exchanged, compared to its average volume of 1,391,405. The business has a 50 day moving average of $2.56 and a 200 day moving average of $2.24. Cronos Group has a 1-year low of $1.60 and a 1-year high of $3.16. The company has a market capitalization of $949.57 million, a P/E ratio of 24.80 and a beta of 1.14.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CRON shares. Wall Street Zen upgraded Cronos Group from a “sell” rating to a “hold” rating in a report on Saturday, August 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cronos Group in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Cronos Group currently has an average rating of “Sell”.

Hedge Funds Weigh In On Cronos Group

Several hedge funds and other institutional investors have recently modified their holdings of CRON. Bank of America Corp DE increased its holdings in shares of Cronos Group by 11.0% during the second quarter. Bank of America Corp DE now owns 135,180 shares of the company’s stock valued at $258,000 after acquiring an additional 13,450 shares in the last quarter. Envestnet Asset Management Inc. bought a new position in shares of Cronos Group in the 2nd quarter worth $36,000. Legal & General Group Plc grew its position in Cronos Group by 16.1% in the 2nd quarter. Legal & General Group Plc now owns 195,368 shares of the company’s stock valued at $374,000 after purchasing an additional 27,111 shares during the period. Corient Private Wealth LLC increased its stake in Cronos Group by 35.0% during the 2nd quarter. Corient Private Wealth LLC now owns 135,882 shares of the company’s stock valued at $260,000 after purchasing an additional 35,245 shares in the last quarter. Finally, Raymond James Financial Inc. raised its holdings in Cronos Group by 15.3% during the second quarter. Raymond James Financial Inc. now owns 360,052 shares of the company’s stock worth $688,000 after buying an additional 47,771 shares during the last quarter. Institutional investors own 8.71% of the company’s stock.

Cronos Group Company Profile

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.