Cronos Group (NASDAQ:CRON) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Cronos Group from “hold” to “strong buy,” while the broader analyst consensus remains “buy” with an average price target of $2.30.
• Cronos shares opened at $3.35, near their 52-week high of $3.61, with a market capitalization of approximately $1.23 billion.
• Cronos exceeded quarterly expectations, reporting $0.09 in EPS versus a $0.01 estimate and revenue of $53.01 million versus the $44.20 million consensus.

Cronos Group (NASDAQ:CRON - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Thursday, Zacks reports.

Other analysts have also issued reports about the company. Weiss Ratings raised Cronos Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. TD Securities reiterated a "buy" rating on shares of Cronos Group in a research report on Monday, September 28th. Finally, Wall Street Zen downgraded Cronos Group from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $2.30.

Cronos Group Stock Performance

Shares of CRON opened at $3.35 on Thursday. Cronos Group has a one year low of $2.28 and a one year high of $3.61. The stock has a 50-day moving average price of $3.29 and a 200 day moving average price of $2.94. The company has a market capitalization of $1.23 billion, a P/E ratio of 31.32 and a beta of 0.90.

Cronos Group (NASDAQ:CRON - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.08. The company had revenue of $53.01 million for the quarter, compared to the consensus estimate of $44.20 million. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%. As a group, equities research analysts forecast that Cronos Group will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Amundi boosted its stake in Cronos Group by 14.8% during the 2nd quarter. Amundi now owns 24,728 shares of the company's stock valued at $69,000 after purchasing an additional 3,180 shares during the period. Baader Bank Aktiengesellschaft increased its stake in shares of Cronos Group by 2.0% in the first quarter. Baader Bank Aktiengesellschaft now owns 204,741 shares of the company's stock valued at $512,000 after purchasing an additional 3,985 shares during the period. Squarepoint Ops LLC raised its holdings in shares of Cronos Group by 14.6% during the second quarter. Squarepoint Ops LLC now owns 42,661 shares of the company's stock valued at $119,000 after buying an additional 5,441 shares during the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of Cronos Group by 69.0% during the second quarter. Concurrent Investment Advisors LLC now owns 19,623 shares of the company's stock valued at $55,000 after buying an additional 8,009 shares during the last quarter. Finally, Pure Financial Advisors LLC acquired a new position in shares of Cronos Group during the second quarter worth approximately $28,000. 8.71% of the stock is currently owned by institutional investors.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company focused on developing, producing and commercializing cannabis and cannabis-derived consumer products. The company serves adult-use and medical cannabis markets through a portfolio of brands and sells products such as dried flower, pre-rolls, vaporizers, edibles, oils and other cannabis formats, subject to applicable regulations.

Its brand portfolio has included Spinach, which is positioned primarily in the adult-use cannabis market, as well as Lord Jones and PEACE NATURALS.

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