Cronos Group (NASDAQ:CRON) Stock Rating Lowered by Wall Street Zen

Cronos Group (NASDAQ:CRON) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Cronos Group in a research note on Monday, December 29th. Zacks Research lowered shares of Cronos Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Sanford C. Bernstein restated a “market perform” rating and issued a $2.30 price target on shares of Cronos Group in a report on Wednesday, January 14th. Finally, Canaccord Genuity Group initiated coverage on shares of Cronos Group in a research note on Tuesday, January 27th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.30.

Cronos Group Trading Down 3.1%

Shares of NASDAQ:CRON opened at $2.51 on Friday. The firm has a 50 day simple moving average of $2.67 and a 200-day simple moving average of $2.53. The company has a market capitalization of $957.79 million, a PE ratio of 25.10 and a beta of 0.80. Cronos Group has a twelve month low of $1.60 and a twelve month 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, beating 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. As a group, equities research analysts predict that Cronos Group will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Cronos Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quinn Opportunity Partners LLC boosted its position in Cronos Group by 73.0% in the 2nd quarter. Quinn Opportunity Partners LLC now owns 7,437,944 shares of the company’s stock valued at $14,206,000 after buying an additional 3,138,018 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Cronos Group by 1,135.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,108,131 shares of the company’s stock worth $3,075,000 after acquiring an additional 1,018,448 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Cronos Group in the second quarter worth $1,767,000. Two Sigma Investments LP boosted its holdings in shares of Cronos Group by 229.6% in the 3rd 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 period. Finally, Silver Oak Securities Incorporated bought a new position in Cronos Group in the third quarter worth about $1,652,000. Institutional investors and hedge funds own 8.71% of the company’s stock.

About Cronos Group

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.