Cronos Group (CRON) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Cronos Group (NASDAQ:CRON) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $9.25 price target on the stock.

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 brokerages have also commented on CRON. Canaccord Genuity upgraded Cronos Group from a sell rating to a hold rating in a research note on Wednesday, August 15th. Cann started coverage on Cronos Group in a research note on Friday, October 12th. They set a sell rating and a $4.50 price target for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $6.88.

NASDAQ:CRON traded down $0.21 on Tuesday, hitting $8.73. 203,198 shares of the stock were exchanged, compared to its average volume of 13,782,261. The firm has a market capitalization of $1.60 billion and a PE ratio of 863.50. The company has a debt-to-equity ratio of 0.02, a current ratio of 52.98 and a quick ratio of 44.71. Cronos Group has a fifty-two week low of $2.49 and a fifty-two week high of $15.30.

Several hedge funds have recently bought and sold shares of the company. Gerber Kawasaki Wealth & Investment Management grew its stake in shares of Cronos Group by 1,024.5% in the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 208,589 shares of the company’s stock valued at $2,361,000 after buying an additional 190,039 shares in the last quarter. Essex Investment Management Co. LLC acquired a new stake in shares of Cronos Group in the third quarter valued at about $1,661,000. Commonwealth Equity Services LLC grew its stake in shares of Cronos Group by 8.5% in the third quarter. Commonwealth Equity Services LLC now owns 84,066 shares of the company’s stock valued at $934,000 after buying an additional 6,621 shares in the last quarter. MML Investors Services LLC grew its stake in shares of Cronos Group by 489.1% in the third quarter. MML Investors Services LLC now owns 64,510 shares of the company’s stock valued at $717,000 after buying an additional 53,560 shares in the last quarter. Finally, Lourd Capital LLC acquired a new stake in shares of Cronos Group in the second quarter valued at about $379,000. Institutional investors and hedge funds own 9.77% of the company’s stock.

Cronos Group Company Profile

Cronos Group Inc, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations “MMPR”. The firm typically invests in companies based in Canada.

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