Canaccord Genuity Group Initiates Coverage on Cronos Group (NASDAQ:CRON)

Equities researchers at Canaccord Genuity Group initiated coverage on shares of Cronos Group (NASDAQ:CRON) in a research report issued on Tuesday. The brokerage set a “buy” rating on the stock.

A number of other equities analysts also recently issued reports on the company. Sanford C. Bernstein reissued a “market perform” rating and set a $2.30 price target on shares of Cronos Group in a research report on Wednesday, January 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Cronos Group in a research report on Monday, December 29th. Finally, Zacks Research lowered shares of Cronos Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cronos Group has a consensus rating of “Hold” and an average target price of $2.30.

Cronos Group Trading Down 0.2%

Shares of CRON traded down $0.01 during trading hours on Tuesday, reaching $2.69. 156,864 shares of the company traded hands, compared to its average volume of 1,283,926. The stock’s fifty day moving average price is $2.65 and its 200 day moving average price is $2.52. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 26.85 and a beta of 0.70. Cronos Group has a 12-month low of $1.60 and a 12-month high of $3.43.

Cronos Group (NASDAQ:CRON) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.05. The company had revenue of $36.34 million during the quarter, compared to analysts’ expectations of $36.47 million. Cronos Group had a net margin of 27.27% and a negative return on equity of 1.12%. On average, research analysts forecast that Cronos Group will post -0.03 earnings per share for the current year.

Hedge Funds Weigh In On Cronos Group

Several institutional investors and hedge funds have recently bought and sold shares of CRON. Octavia Wealth Advisors LLC purchased a new stake in shares of Cronos Group during the 4th quarter valued at $28,000. Apollon Wealth Management LLC acquired a new position in Cronos Group during the 4th quarter valued at about $58,000. Silver Oak Securities Incorporated raised its stake in Cronos Group by 4.4% in the fourth quarter. Silver Oak Securities Incorporated now owns 620,432 shares of the company’s stock valued at $1,626,000 after buying an additional 26,260 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Cronos Group in the fourth quarter worth about $52,000. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Cronos Group during the third quarter worth about $40,000. 8.71% of the stock is owned by hedge funds and other institutional investors.

Cronos Group Company Profile

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.