Cronos Group (NASDAQ:CRON) Given New $2.50 Price Target at Bank of America

Cronos Group (NASDAQ:CRON) had its price objective boosted by Bank of America from $2.00 to $2.50 in a research report released on Monday, Benzinga reports. Bank of America currently has an underperform rating on the stock.

Cronos Group Price Performance

Shares of CRON opened at $2.70 on Monday. Cronos Group has a 1-year low of $1.64 and a 1-year high of $2.99. The company has a 50-day moving average of $2.26 and a 200 day moving average of $2.08. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -14.21 and a beta of 1.17.

Cronos Group (NASDAQ:CRON) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.05) EPS for the quarter. Cronos Group had a negative net margin of 84.15% and a negative return on equity of 3.99%. The business had revenue of $23.92 million during the quarter, compared to the consensus estimate of $25.15 million. On average, equities analysts anticipate that Cronos Group will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRON. Intact Investment Management Inc. grew its position in Cronos Group by 54.2% during the 3rd quarter. Intact Investment Management Inc. now owns 1,108,300 shares of the company’s stock worth $2,211,000 after purchasing an additional 389,610 shares during the last quarter. JW Asset Management LLC purchased a new stake in Cronos Group during the 3rd quarter worth approximately $400,000. AdvisorShares Investments LLC purchased a new stake in Cronos Group during the 3rd quarter worth approximately $280,000. Vontobel Holding Ltd. grew its position in Cronos Group by 139.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 214,560 shares of the company’s stock worth $428,000 after purchasing an additional 124,820 shares during the last quarter. Finally, Revisor Wealth Management LLC purchased a new stake in Cronos Group during the 3rd quarter worth approximately $47,000. Hedge funds and other institutional investors own 8.71% of the company’s stock.

About Cronos Group

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.