Cronos Group (NASDAQ:CRON) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Cronos Group (NASDAQ:CRON) from a buy rating to a hold rating in a research note released on Monday, Zacks.com reports.

According to Zacks, “Cronos Group, Inc. engages in the investment in firms which are licensed to produce and sell medical marijuana. Its portfolio includes In The Zone, Peace Naturals, Whistler Medical Marijuana Co., ABcann, Hydropothecary, Vert Medical and Evergreen Medicinal Supply. Cronos Group Inc., formerly known as PharmaCan Capital Corp., is headquartered in Toronto, Canada. “

A number of other research analysts have also recently issued reports on the stock. BMO Capital Markets reissued a sell rating on shares of Cronos Group in a research report on Friday. TheStreet raised shares of Cronos Group from a d+ rating to a c+ rating in a report on Tuesday, May 14th. ValuEngine cut shares of Cronos Group from a buy rating to a hold rating in a report on Thursday, August 1st. Piper Jaffray Companies assumed coverage on shares of Cronos Group in a report on Monday. They issued an overweight rating and a $18.00 target price for the company. Finally, Consumer Edge assumed coverage on shares of Cronos Group in a report on Friday, June 28th. They issued an equal weight rating for the company. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $19.62.

NASDAQ CRON traded up $0.29 during trading hours on Monday, reaching $13.54. 1,746,164 shares of the company’s stock traded hands, compared to its average volume of 4,485,964. Cronos Group has a 52-week low of $5.61 and a 52-week high of $25.10. The company has a market cap of $4.49 billion, a price-to-earnings ratio of -169.25 and a beta of 3.43. The business’s 50-day simple moving average is $14.76.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. Cronos Group had a net margin of 2,521.25% and a return on equity of 84.04%. The company had revenue of $10.80 million during the quarter, compared to analysts’ expectations of $7.16 million. Cronos Group’s revenue for the quarter was up 217.6% on a year-over-year basis. As a group, equities analysts predict that Cronos Group will post 0.03 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in shares of Cronos Group by 4,474.9% in the second quarter. Janus Henderson Group PLC now owns 800,600 shares of the company’s stock worth $12,871,000 after buying an additional 783,100 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Cronos Group by 19.1% in the second quarter. Swiss National Bank now owns 693,400 shares of the company’s stock worth $11,124,000 after buying an additional 111,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Cronos Group by 2.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 672,478 shares of the company’s stock worth $10,791,000 after buying an additional 12,968 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in shares of Cronos Group in the first quarter worth $4,160,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Cronos Group by 250.3% in the second quarter. JPMorgan Chase & Co. now owns 220,603 shares of the company’s stock worth $3,523,000 after buying an additional 157,634 shares in the last quarter. 8.51% of the stock is currently owned by hedge funds and other institutional investors.

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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