Cronos Group Inc. (NASDAQ:CRON) Stock Has Average Target Price of $2.30 According to Brokerages

Key Points

• Analysts maintain a bullish view of Cronos Group, with three buy ratings, one strong-buy rating and one hold rating. The average 12-month price target is $2.30.
• Institutional ownership rose as several investors increased their positions or initiated new stakes, though hedge funds and other institutions collectively own 8.71% of the company.
• Cronos Group exceeded quarterly expectations, reporting $0.09 in EPS versus $0.01 estimated and revenue of $53.01 million versus $44.20 million expected. Shares opened at $3.30, near their 50-day average and below the 52-week high of $3.61.

Shares of Cronos Group Inc. (NASDAQ:CRON - Get Free Report) have earned a consensus rating of "Buy" from the five ratings firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $2.30.

CRON has been the topic of several analyst reports. TD Securities reaffirmed a "buy" rating on shares of Cronos Group in a report on Monday, September 28th. Weiss Ratings upgraded Cronos Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Wall Street Zen downgraded shares of Cronos Group from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Zacks Research upgraded Cronos Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 22nd.

Institutional Trading of Cronos Group

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in Cronos Group by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,679,051 shares of the company's stock valued at $6,724,000 after purchasing an additional 172,841 shares in the last quarter. Renaissance Technologies LLC lifted its position in Cronos Group by 8.9% during the first quarter. Renaissance Technologies LLC now owns 2,009,549 shares of the company's stock valued at $5,044,000 after acquiring an additional 164,500 shares during the last quarter. Cibc World Market Inc. purchased a new stake in shares of Cronos Group during the 2nd quarter valued at $3,820,000. Pillsbury Lake Capital LLC acquired a new stake in Cronos Group in the second quarter worth about $2,252,253. Finally, Janney Montgomery Scott LLC boosted its stake in Cronos Group by 5.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 491,430 shares of the company's stock worth $1,233,000 after purchasing an additional 27,578 shares in the last quarter. 8.71% of the stock is owned by hedge funds and other institutional investors.

Cronos Group Price Performance

Shares of Cronos Group stock opened at $3.30 on Friday. The company's fifty day simple moving average is $3.30 and its 200-day simple moving average is $2.85. The stock has a market capitalization of $1.22 billion, a PE ratio of 16.50 and a beta of 0.90. Cronos Group has a 1-year low of $2.28 and a 1-year high of $3.61.

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

Cronos Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.