Cronos Group (NASDAQ:CRON) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Cronos Group (NASDAQ:CRON) from a buy rating to a hold rating in a report published on Wednesday, 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. “

Other analysts also recently issued reports about the company. Canaccord Genuity downgraded Cronos Group from a hold rating to a sell rating and set a C$17.00 price target for the company. in a report on Wednesday, March 27th. Stifel Nicolaus lowered their price target on MacroGenics from $36.00 to $29.00 and set a buy rating for the company in a report on Wednesday, June 5th. Consumer Edge started coverage on Canopy Growth in a report on Friday, June 28th. They issued an equal weight rating for the company. Bank of America set a $4.00 price target on GameStop and gave the company a sell rating in a report on Wednesday, June 5th. Finally, Pi Financial reiterated a neutral rating and issued a $24.00 price target on shares of Cronos Group in a report on Tuesday, March 26th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Cronos Group presently has a consensus rating of Hold and an average price target of $19.28.

NASDAQ CRON traded down $0.14 during trading hours on Wednesday, hitting $15.15. The company had a trading volume of 3,922,600 shares, compared to its average volume of 10,378,333. Cronos Group has a fifty-two week low of $5.61 and a fifty-two week high of $25.10. The stock has a market cap of $5.14 billion, a P/E ratio of -189.38 and a beta of 3.49. The business’s 50 day moving average is $15.59.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.38. Cronos Group had a return on equity of 99.44% and a net margin of 2,107.83%. The firm had revenue of $6.47 million during the quarter, compared to the consensus estimate of $6.87 million. Cronos Group’s quarterly revenue was up 119.3% on a year-over-year basis. Sell-side analysts predict that Cronos Group will post 0.03 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Gables Capital Management Inc. grew its stake in shares of Cronos Group by 20.0% during the first quarter. Gables Capital Management Inc. now owns 3,600 shares of the company’s stock valued at $66,000 after acquiring an additional 600 shares in the last quarter. Focused Wealth Management Inc lifted its position in shares of Cronos Group by 48.5% during the first quarter. Focused Wealth Management Inc now owns 1,849 shares of the company’s stock worth $34,000 after purchasing an additional 604 shares during the last quarter. RPG Investment Advisory LLC lifted its position in shares of Cronos Group by 237.5% during the first quarter. RPG Investment Advisory LLC now owns 1,350 shares of the company’s stock worth $25,000 after purchasing an additional 950 shares during the last quarter. Kistler Tiffany Companies LLC lifted its position in shares of Cronos Group by 125.0% during the first quarter. Kistler Tiffany Companies LLC now owns 1,755 shares of the company’s stock worth $32,000 after purchasing an additional 975 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. lifted its position in shares of Cronos Group by 24.7% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 6,234 shares of the company’s stock worth $65,000 after purchasing an additional 1,234 shares during the last quarter. Institutional investors own 8.33% of the company’s stock.

About Cronos Group

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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