Manchester Capital Management LLC acquired a new stake in shares of Cronos Group Inc (NASDAQ:CRON) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,700 shares of the company’s stock, valued at approximately $87,000.
Several other large investors have also made changes to their positions in the stock. ETF Managers Group LLC acquired a new position in Cronos Group during the 4th quarter valued at about $72,585,000. Morgan Stanley boosted its stake in Cronos Group by 10.1% during the 3rd quarter. Morgan Stanley now owns 833,337 shares of the company’s stock valued at $9,266,000 after purchasing an additional 76,151 shares during the period. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Cronos Group during the 1st quarter valued at about $12,113,000. TD Asset Management Inc. acquired a new position in Cronos Group during the 4th quarter valued at about $5,840,000. Finally, Two Sigma Advisers LP boosted its stake in Cronos Group by 544.3% during the 4th quarter. Two Sigma Advisers LP now owns 388,828 shares of the company’s stock valued at $4,099,000 after purchasing an additional 328,479 shares during the period. 6.43% of the stock is owned by institutional investors and hedge funds.
Cronos Group stock opened at $15.37 on Friday. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of -192.13 and a beta of 3.84. Cronos Group Inc has a twelve month low of $5.61 and a twelve month high of $25.10.
A number of brokerages have recently weighed in on CRON. Cowen began coverage on shares of Cronos Group in a research note on Tuesday, March 5th. They issued a “market perform” rating for the company. GMP Securities lowered shares of Cronos Group from a “buy” rating to a “hold” rating in a research note on Tuesday, February 5th. They noted that the move was a valuation call. Jefferies Financial Group began coverage on shares of Cronos Group in a research note on Monday, February 25th. They issued an “underperform” rating for the company. Eight Capital lowered shares of Cronos Group to a “hold” rating in a research note on Thursday, March 7th. Finally, BMO Capital Markets lowered shares of Cronos Group from a “market perform” rating to an “underperform” rating and set a $21.43 price target for the company. in a research note on Monday, March 11th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $18.13.
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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