Cronos Group (NASDAQ:CRON) Trading Up 5.7%

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Cronos Group Inc (NASDAQ:CRON) was up 5.7% on Wednesday . The stock traded as high as $8.79 and last traded at $8.77, approximately 4,797,429 shares traded hands during mid-day trading. A decline of 43% from the average daily volume of 8,406,291 shares. The stock had previously closed at $8.30.

Several equities analysts recently weighed in on CRON shares. MKM Partners started coverage on Cronos Group in a research note on Thursday, September 19th. They issued a “neutral” rating and a $14.00 price objective for the company. Bank of America raised their price objective on Cronos Group from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 9th. ValuEngine downgraded Cronos Group from a “buy” rating to a “hold” rating in a research note on Monday. Zacks Investment Research raised Cronos Group from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Tuesday, October 8th. Finally, Canaccord Genuity raised Cronos Group from a “sell” rating to a “hold” rating and raised their price objective for the company from $16.00 to $17.00 in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Cronos Group presently has an average rating of “Hold” and a consensus price target of $18.71.

The business has a fifty day simple moving average of $9.69 and a 200 day simple moving average of $13.66. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -109.63 and a beta of 3.46.

Cronos Group (NASDAQ:CRON) last announced its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $7.16 million. Cronos Group had a return on equity of 60.20% and a net margin of 2,521.25%. The business’s revenue for the quarter was up 217.6% on a year-over-year basis. Sell-side analysts forecast that Cronos Group Inc will post -0.08 EPS for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. Alberta Investment Management Corp grew its holdings in Cronos Group by 21.0% during the 3rd quarter. Alberta Investment Management Corp now owns 359,100 shares of the company’s stock valued at $3,247,000 after buying an additional 62,300 shares during the last quarter. Essex Investment Management Co. LLC grew its holdings in Cronos Group by 93.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 237,108 shares of the company’s stock valued at $2,146,000 after buying an additional 114,531 shares during the last quarter. Wedbush Securities Inc. grew its holdings in Cronos Group by 23.5% during the 3rd quarter. Wedbush Securities Inc. now owns 81,085 shares of the company’s stock valued at $734,000 after buying an additional 15,427 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in Cronos Group by 48.0% during the 3rd quarter. Wealthcare Advisory Partners LLC now owns 6,472 shares of the company’s stock valued at $59,000 after buying an additional 2,100 shares during the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in Cronos Group by 195.2% during the 3rd quarter. Valeo Financial Advisors LLC now owns 7,562 shares of the company’s stock valued at $68,000 after buying an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 11.45% of the company’s stock.

Cronos Group Company Profile (NASDAQ:CRON)

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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