Wall Street Zen Upgrades Cronos Group (NASDAQ:CRON) to "Hold"

Key Points

• Cronos Group has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, which reflects a more positive outlook on the stock.
• The company reported a quarterly loss of ($0.10) per share, missing analysts' estimates, with revenue of $33.46 million against expectations of $45.73 million.
• Institutional investors have increased their stake in Cronos Group, with Tower Research Capital enhancing its position by 140.5% in the last quarter.

Wall Street Zen upgraded shares of Cronos Group (NASDAQ:CRON - Free Report) from a sell rating to a hold rating in a research note published on Saturday morning.

Cronos Group Stock Down 1.2%

CRON traded down $0.03 during trading on Friday, reaching $2.50. The stock had a trading volume of 2,359,870 shares, compared to its average volume of 4,217,420. The firm has a market capitalization of $957.60 million, a price-to-earnings ratio of 50.00 and a beta of 1.13. The stock has a 50 day moving average of $2.24 and a two-hundred day moving average of $2.01. Cronos Group has a 1-year low of $1.60 and a 1-year high of $2.77.

Cronos Group (NASDAQ:CRON - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.08). Cronos Group had a negative return on equity of 3.78% and a net margin of 14.19%.The firm had revenue of $33.46 million for the quarter, compared to analyst estimates of $45.73 million. On average, research analysts forecast that Cronos Group will post -0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Cronos Group

A number of hedge funds have recently modified their holdings of the stock. Formidable Asset Management LLC raised its holdings in shares of Cronos Group by 2.1% during the fourth quarter. Formidable Asset Management LLC now owns 278,398 shares of the company's stock valued at $562,000 after acquiring an additional 5,637 shares during the period. Tower Research Capital LLC TRC raised its stake in Cronos Group by 140.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,726 shares of the company's stock valued at $28,000 after purchasing an additional 8,019 shares during the period. Bank of America Corp DE raised its stake in Cronos Group by 11.0% during the 2nd quarter. Bank of America Corp DE now owns 135,180 shares of the company's stock valued at $258,000 after purchasing an additional 13,450 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Cronos Group by 53.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,800 shares of the company's stock valued at $86,000 after purchasing an additional 16,700 shares in the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Cronos Group in the second quarter worth $36,000. 8.71% of the stock is currently owned by institutional investors and hedge funds.

About Cronos Group

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.