Cronos Group (NASDAQ:CRON) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Cronos Group from “buy” to “hold,” while the broader analyst consensus remains “Hold,” with a $2.30 price target.
• Cronos reported quarterly earnings of $0.09 per share, beating the $0.01 estimate, while revenue of $53.01 million exceeded expectations of $44.20 million.
• CRON opened at $3.14, giving the company a market capitalization of approximately $1.16 billion; institutional investors and hedge funds own 8.71% of the stock.

Cronos Group (NASDAQ:CRON - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday.

Several other research firms also recently weighed in on CRON. TD Securities restated a "buy" rating on shares of Cronos Group in a research report on Tuesday, May 12th. Weiss Ratings upgraded Cronos Group from a "sell (d+)" rating to a "hold (c+)" rating in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.30.

Cronos Group Stock Down 0.6%

CRON opened at $3.14 on Friday. Cronos Group has a twelve month low of $2.28 and a twelve month high of $3.43. The company has a 50-day moving average price of $2.81 and a 200 day moving average price of $2.69. The company has a market cap of $1.16 billion, a PE ratio of 15.70 and a beta of 0.90.

Cronos Group (NASDAQ:CRON - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.08. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%. The firm had revenue of $53.01 million for the quarter, compared to analyst estimates of $44.20 million. As a group, sell-side analysts expect that Cronos Group will post 0.07 earnings per share for the current year.

Hedge Funds Weigh In On Cronos Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp grew its stake in Cronos Group by 291.6% during the 1st quarter. Jones Financial Companies Lllp now owns 65,099 shares of the company's stock valued at $118,000 after acquiring an additional 48,476 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Cronos Group by 84.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,076,405 shares of the company's stock valued at $1,948,000 after acquiring an additional 493,161 shares during the last quarter. Envestnet Asset Management Inc. purchased a new position in Cronos Group in the 2nd quarter worth approximately $36,000. Legal & General Group Plc lifted its stake in Cronos Group by 16.1% in the 2nd quarter. Legal & General Group Plc now owns 195,368 shares of the company's stock worth $374,000 after purchasing an additional 27,111 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Cronos Group by 192.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 89,683 shares of the company's stock worth $171,000 after purchasing an additional 59,013 shares in the last quarter. 8.71% of the stock is currently owned by institutional investors and hedge funds.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group's business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company's branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source