Zacks Investment Research Lowers Cronos Group (NASDAQ:CRON) to Hold

Zacks Investment Research lowered shares of Cronos Group (NASDAQ:CRONGet Rating) from a buy rating to a hold rating in a research report sent to investors 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. “

Several other equities research analysts also recently issued reports on the company. Piper Sandler cut their price objective on Cronos Group from $4.00 to $3.00 and set a neutral rating on the stock in a report on Monday, March 7th. Canaccord Genuity Group upgraded shares of Cronos Group from a sell rating to a hold rating and set a C$4.50 price target on the stock in a research note on Wednesday, May 11th. Jefferies Financial Group raised shares of Cronos Group from an underperform rating to a hold rating and lowered their price objective for the company from $5.54 to $3.24 in a research note on Thursday, January 27th. Stifel Nicolaus cut their target price on shares of Cronos Group from $6.50 to $4.00 in a research note on Tuesday, February 22nd. Finally, Canaccord Genuity Group decreased their price target on shares of Cronos Group from $7.00 to $4.25 and set a sell rating for the company in a research report on Tuesday, February 22nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $4.55.

Shares of CRON opened at $3.43 on Monday. The firm has a 50-day simple moving average of $3.39 and a two-hundred day simple moving average of $3.91. Cronos Group has a 1-year low of $2.82 and a 1-year high of $9.42. The company has a current ratio of 26.42, a quick ratio of 25.50 and a debt-to-equity ratio of 0.01.

Cronos Group (NASDAQ:CRONGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The company had revenue of $25.03 million for the quarter, compared to analysts’ expectations of $30.66 million. Cronos Group had a negative return on equity of 15.92% and a negative net margin of 36.04%. The business’s revenue for the quarter was up 98.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.12) EPS. As a group, research analysts expect that Cronos Group will post -0.2 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in CRON. Spire Wealth Management grew its stake in shares of Cronos Group by 198.2% during the fourth quarter. Spire Wealth Management now owns 6,304 shares of the company’s stock worth $25,000 after purchasing an additional 4,190 shares in the last quarter. CWM LLC acquired a new position in shares of Cronos Group during the 4th quarter worth about $27,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Cronos Group by 250.0% in the 1st quarter. Newbridge Financial Services Group Inc. now owns 7,000 shares of the company’s stock valued at $27,000 after acquiring an additional 5,000 shares during the last quarter. Capital Investment Counsel Inc acquired a new stake in shares of Cronos Group during the 4th quarter worth about $40,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Cronos Group during the 4th quarter worth about $50,000. 13.40% of the stock is owned by institutional investors and hedge funds.

About Cronos Group (Get Rating)

Cronos Group Inc operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets.

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