Cronos Group Inc. (NASDAQ:CRON) Expected to Announce Quarterly Sales of $16.98 Million


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Brokerages expect Cronos Group Inc. (NASDAQ:CRON) to post $16.98 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cronos Group’s earnings, with the highest sales estimate coming in at $18.20 million and the lowest estimate coming in at $16.00 million. Cronos Group posted sales of $8.43 million during the same quarter last year, which suggests a positive year-over-year growth rate of 101.4%. The company is scheduled to report its next earnings report on Friday, May 14th.

On average, analysts expect that Cronos Group will report full-year sales of $86.88 million for the current year, with estimates ranging from $68.80 million to $108.00 million. For the next year, analysts expect that the business will report sales of $147.22 million, with estimates ranging from $96.00 million to $225.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Cronos Group.

Cronos Group (NASDAQ:CRON) last released its earnings results on Thursday, February 25th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.25). The business had revenue of $17.05 million for the quarter, compared to analyst estimates of $17.35 million. Cronos Group had a negative return on equity of 1.61% and a net margin of 266.31%. Cronos Group’s quarterly revenue was up 133.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) earnings per share.

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reiterated a “hold” rating and set a $8.00 target price on shares of Cronos Group in a report on Thursday, February 4th. Raymond James set a $11.00 price objective on shares of Cronos Group and gave the stock an “outperform” rating in a research report on Monday, March 1st. Zacks Investment Research downgraded shares of Cronos Group from a “hold” rating to a “sell” rating in a report on Tuesday, April 13th. Canaccord Genuity raised their price objective on shares of Cronos Group from $6.50 to $7.50 and gave the company a “sell” rating in a research note on Monday, March 1st. Finally, CIBC cut shares of Cronos Group from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $8.00 to $12.50 in a research note on Monday, February 22nd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Cronos Group presently has an average rating of “Hold” and a consensus price target of $8.93.

In other news, Chairman Michael Ryan Gorenstein sold 185,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 9th. The shares were sold at an average price of $10.00, for a total value of $1,850,000.00. Following the completion of the transaction, the chairman now owns 9,632,536 shares of the company’s stock, valued at $96,325,360. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jason Marc Adler sold 714,759 shares of the business’s stock in a transaction that occurred on Wednesday, March 17th. The shares were sold at an average price of $10.07, for a total transaction of $7,197,623.13. Following the completion of the transaction, the director now directly owns 8,165,072 shares of the company’s stock, valued at approximately $82,222,275.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,300,995 shares of company stock valued at $23,851,386. 7.93% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Global Retirement Partners LLC raised its position in shares of Cronos Group by 64.6% in the fourth quarter. Global Retirement Partners LLC now owns 3,568 shares of the company’s stock valued at $25,000 after buying an additional 1,400 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Cronos Group in the fourth quarter valued at approximately $28,000. Jacobi Capital Management LLC grew its holdings in Cronos Group by 27.6% in the fourth quarter. Jacobi Capital Management LLC now owns 4,278 shares of the company’s stock valued at $30,000 after purchasing an additional 925 shares during the period. Credit Agricole S A grew its holdings in Cronos Group by 85.5% in the fourth quarter. Credit Agricole S A now owns 4,340 shares of the company’s stock valued at $30,000 after purchasing an additional 2,000 shares during the period. Finally, Mine & Arao Wealth Creation & Management LLC. purchased a new stake in Cronos Group in the fourth quarter valued at approximately $32,000. 11.75% of the stock is owned by institutional investors and hedge funds.

Cronos Group stock traded down $0.16 during mid-day trading on Wednesday, reaching $8.20. 2,264,766 shares of the company’s stock were exchanged, compared to its average volume of 5,835,204. The company has a market cap of $2.95 billion, a P/E ratio of 34.83 and a beta of 2.07. Cronos Group has a twelve month low of $4.62 and a twelve month high of $15.83. The company has a fifty day moving average of $9.62 and a 200-day moving average of $8.66.

Cronos Group Company Profile

Cronos Group Inc operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets.

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Earnings History and Estimates for Cronos Group (NASDAQ:CRON)

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