Cronos Group (NASDAQ:CRON) Coverage Initiated by Analysts at Piper Jaffray Companies

Piper Jaffray Companies assumed coverage on shares of Cronos Group (NASDAQ:CRON) in a report issued on Monday, BenzingaRatingsTable reports. The firm issued an overweight rating and a $18.00 price objective on the stock.

Several other research analysts have also recently weighed in on the company. Bank of America boosted their price objective on Cronos Group from $20.00 to $26.00 and gave the stock a buy rating in a research report on Friday. Consumer Edge started coverage on Cronos Group in a research report on Friday, June 28th. They issued an equal weight rating on the stock. TheStreet raised Cronos Group from a d+ rating to a c+ rating in a research report on Tuesday, May 14th. Zacks Investment Research raised Cronos Group from a hold rating to a buy rating and set a $16.00 price objective on the stock in a research report on Friday. Finally, BMO Capital Markets reissued a sell rating on shares of Cronos Group in a research report on Friday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $19.62.

Cronos Group stock traded up $0.14 during trading on Monday, hitting $13.39. 61,357 shares of the company were exchanged, compared to its average volume of 4,485,964. The firm has a 50 day simple moving average of $14.76. Cronos Group has a 52 week low of $5.61 and a 52 week high of $25.10. The company has a market capitalization of $4.49 billion, a P/E ratio of -167.00 and a beta of 3.43.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. Cronos Group had a return on equity of 84.04% and a net margin of 2,521.25%. The business had revenue of $10.80 million during the quarter, compared to the consensus estimate of $7.16 million. The business’s revenue for the quarter was up 217.6% compared to the same quarter last year. On average, research analysts predict that Cronos Group will post 0.03 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. RPG Investment Advisory LLC lifted its position in shares of Cronos Group by 237.5% during the 1st quarter. RPG Investment Advisory LLC now owns 1,350 shares of the company’s stock valued at $25,000 after buying an additional 950 shares during the last quarter. Commonwealth Bank of Australia purchased a new position in shares of Cronos Group during the 2nd quarter valued at $29,000. Oakworth Capital Inc. purchased a new position in shares of Cronos Group during the 1st quarter valued at $30,000. Kistler Tiffany Companies LLC lifted its position in shares of Cronos Group by 125.0% during the 1st quarter. Kistler Tiffany Companies LLC now owns 1,755 shares of the company’s stock valued at $32,000 after buying an additional 975 shares during the last quarter. Finally, Focused Wealth Management Inc lifted its position in shares of Cronos Group by 48.5% during the 1st quarter. Focused Wealth Management Inc now owns 1,849 shares of the company’s stock valued at $34,000 after buying an additional 604 shares during the last quarter. 8.51% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Cronos Group (NASDAQ:CRON)

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