Cronos Group (NASDAQ:CRON) Stock Bumped Up to Strong-Buy by Zacks Research

Zacks Research upgraded shares of Cronos Group (NASDAQ:CRON) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday,Zacks reports.

A number of other research firms have also issued reports on CRON. Wall Street Zen lowered shares of Cronos Group from a “buy” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings raised shares of Cronos Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, TD Securities restated a “buy” rating on shares of Cronos Group in a research note on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $2.30.

Cronos Group Price Performance

Shares of NASDAQ:CRON opened at $3.35 on Thursday. The firm has a market capitalization of $1.23 billion, a PE ratio of 16.75 and a beta of 0.90. The firm’s 50-day moving average is $3.29 and its two-hundred day moving average is $2.94. Cronos Group has a 1 year low of $2.28 and a 1 year high of $3.61.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.08. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%. The business had revenue of $53.01 million for the quarter, compared to analysts’ expectations of $44.20 million. Analysts expect that Cronos Group will post 0.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Cronos Group

A number of hedge funds have recently bought and sold shares of the stock. Cibc World Market Inc. acquired a new position in shares of Cronos Group during the second quarter worth about $3,820,000. Pillsbury Lake Capital LLC acquired a new stake in Cronos Group in the second quarter valued at approximately $2,252,253. Parallax Volatility Advisers L.P. acquired a new stake in Cronos Group in the second quarter valued at approximately $834,000. Corient Private Wealth LP acquired a new stake in Cronos Group in the second quarter valued at approximately $595,000. Finally, Legal & General Group Plc purchased a new position in Cronos Group in the second quarter worth approximately $485,000. Institutional investors and hedge funds own 8.71% of the company’s stock.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company focused on developing, producing and commercializing cannabis and cannabis-derived consumer products. The company serves adult-use and medical cannabis markets through a portfolio of brands and sells products such as dried flower, pre-rolls, vaporizers, edibles, oils and other cannabis formats, subject to applicable regulations.

Its brand portfolio has included Spinach, which is positioned primarily in the adult-use cannabis market, as well as Lord Jones and PEACE NATURALS.