$5.64 Million in Sales Expected for Cronos Group Inc (NASDAQ:CRON) This Quarter

Brokerages expect that Cronos Group Inc (NASDAQ:CRON) will report $5.64 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Cronos Group’s earnings, with the highest sales estimate coming in at $6.57 million and the lowest estimate coming in at $5.02 million. Cronos Group reported sales of $2.63 million in the same quarter last year, which indicates a positive year-over-year growth rate of 114.4%. The business is scheduled to announce its next earnings results before the market opens on Thursday, August 8th.

According to Zacks, analysts expect that Cronos Group will report full year sales of $36.74 million for the current fiscal year, with estimates ranging from $29.77 million to $45.93 million. For the next financial year, analysts expect that the firm will report sales of $128.07 million, with estimates ranging from $114.50 million to $150.29 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Cronos Group.

Cronos Group (NASDAQ:CRON) last released its earnings results on Thursday, May 9th. The company reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.38. Cronos Group had a return on equity of 99.44% and a net margin of 2,107.83%. The firm had revenue of $6.47 million for the quarter, compared to the consensus estimate of $6.87 million. The firm’s revenue for the quarter was up 119.3% compared to the same quarter last year.

A number of research firms have recently commented on CRON. Zacks Investment Research downgraded Cronos Group from a “buy” rating to a “hold” rating in a report on Wednesday, July 10th. Consumer Edge began coverage on Cronos Group in a report on Friday, June 28th. They issued an “equal weight” rating on the stock. Bank of America upgraded Cronos Group from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $13.00 to $20.00 in a report on Wednesday, June 5th. TheStreet upgraded Cronos Group from a “d+” rating to a “c+” rating in a report on Tuesday, May 14th. Finally, ValuEngine downgraded Cronos Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.28.

NASDAQ CRON traded up $0.39 during trading hours on Tuesday, hitting $13.81. 3,877,484 shares of the company’s stock were exchanged, compared to its average volume of 9,622,089. The stock has a 50 day simple moving average of $15.05. Cronos Group has a 12-month low of $5.61 and a 12-month high of $25.10. The firm has a market capitalization of $4.76 billion, a price-to-earnings ratio of -172.63 and a beta of 3.43.

Institutional investors have recently added to or reduced their stakes in the company. Signition LP acquired a new position in shares of Cronos Group in the 2nd quarter worth approximately $248,000. Perigon Wealth Management LLC grew its position in shares of Cronos Group by 6.3% in the 2nd quarter. Perigon Wealth Management LLC now owns 14,550 shares of the company’s stock worth $233,000 after acquiring an additional 859 shares in the last quarter. Swiss National Bank grew its position in shares of Cronos Group by 19.1% in the 2nd quarter. Swiss National Bank now owns 693,400 shares of the company’s stock worth $11,124,000 after acquiring an additional 111,000 shares in the last quarter. Sigma Planning Corp grew its position in shares of Cronos Group by 30.7% in the 2nd quarter. Sigma Planning Corp now owns 20,745 shares of the company’s stock worth $332,000 after acquiring an additional 4,873 shares in the last quarter. Finally, Executive Wealth Management LLC grew its position in shares of Cronos Group by 330.6% in the 2nd quarter. Executive Wealth Management LLC now owns 2,670 shares of the company’s stock worth $43,000 after acquiring an additional 2,050 shares in the last quarter. Institutional investors own 8.24% of the company’s stock.

Cronos Group Company Profile

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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