Cronos Group Inc. (NASDAQ:CRON) Given Average Rating of “Moderate Buy” by Analysts

Posted by Defense World Staff on Jan 14th, 2023

Shares of Cronos Group Inc. (NASDAQ:CRON – Get Rating) have been given an average recommendation of “Hold” by the nine ratings firms that are covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $4.07.

Several research analysts recently commented on CRON shares. Barclays cut their price target on shares of Cronos Group from $5.00 to $3.50 and set an “equal weight” rating on the stock in a report on Friday, September 30th. Canaccord Genuity Group cut their price target on shares of Cronos Group from C$5.00 to C$4.75 in a report on Tuesday, November 8th. Finally, Sanford C. Bernstein started coverage on shares of Cronos Group in a report on Tuesday, November 1st. They issued a “market perform” rating and a $3.00 price target on the stock.

Cronos Group Price Performance

Shares of CRON stock opened at $2.54 on Friday. The firm has a market cap of $962.68 million, a P/E ratio of -4.23 and a beta of 1.54. Cronos Group has a 1-year low of $2.43 and a 1-year high of $4.31. The firm’s 50-day simple moving average is $2.82 and its 200-day simple moving average is $2.97.

Cronos Group (NASDAQ:CRON – Get Rating) last announced its quarterly earnings data on Monday, November 7th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $20.92 million for the quarter, compared to analysts’ expectations of $23.30 million. Cronos Group had a negative return on equity of 16.29% and a negative net margin of 235.72%. Analysts expect that Cronos Group will post -0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jason Marc Adler acquired 162,400 shares of the company’s stock in a transaction dated Thursday, December 8th. The shares were bought at an average price of $2.86 per share, for a total transaction of $464,464.00. Following the completion of the purchase, the director now directly owns 694,854 shares of the company’s stock, valued at approximately $1,987,282.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought 447,500 shares of company stock worth $1,302,605 over the last 90 days. Company insiders own 5.95% of the company’s stock.

Institutional Trading of Cronos Group

A number of hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management LLC acquired a new stake in shares of Cronos Group during the third quarter worth approximately $114,000. Alliancebernstein L.P. grew its position in shares of Cronos Group by 66.8% during the third quarter. Alliancebernstein L.P. now owns 54,851 shares of the company’s stock worth $155,000 after buying an additional 21,965 shares in the last quarter. Two Sigma Advisers LP acquired a new position in Cronos Group in the third quarter worth $155,000. Two Sigma Investments LP boosted its holdings in Cronos Group by 68.0% in the third quarter. Two Sigma Investments LP now owns 739,503 shares of the company’s stock worth $2,085,000 after purchasing an additional 299,330 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Cronos Group by 2.7% in the third quarter. Vanguard Group Inc. now owns 6,459,663 shares of the company’s stock worth $18,215,000 after purchasing an additional 169,755 shares during the period. Institutional investors and hedge funds own 11.94% of the company’s stock.

About Cronos Group

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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.