Pillsbury Lake Capital LLC Buys New Stake in Cronos Group Inc. $CRON

Key Points

• Pillsbury Lake Capital LLC acquired 810,163 Cronos Group shares in the second quarter, a stake valued at approximately $2.25 billion according to its SEC filing and representing about 0.22% of the company.
• Other institutional investors also initiated positions, bringing total hedge fund and institutional ownership of Cronos Group to 8.71%.
• Cronos reported quarterly EPS of $0.09 and revenue of $53.01 million, exceeding analyst expectations. Despite the earnings beat, analysts’ consensus rating remains “Hold”, with a target price of $2.30.

Pillsbury Lake Capital LLC purchased a new position in Cronos Group Inc. (NASDAQ:CRON - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 810,163 shares of the company's stock, valued at approximately $2,252,253,000. Pillsbury Lake Capital LLC owned about 0.22% of Cronos Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Bank of America Corp DE purchased a new position in shares of Cronos Group in the 2nd quarter worth $438,000. Legal & General Group Plc bought a new position in shares of Cronos Group in the 2nd quarter valued at about $485,000. Cibc World Market Inc. bought a new position in shares of Cronos Group in the 2nd quarter valued at about $3,820,000. Empirical Asset Management LLC purchased a new position in Cronos Group in the second quarter worth about $70,000. Finally, OneDigital Investment Advisors LLC purchased a new position in Cronos Group in the second quarter worth about $29,000. Hedge funds and other institutional investors own 8.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Securities restated a "buy" rating on shares of Cronos Group in a research report on Tuesday, May 12th. Wall Street Zen downgraded Cronos Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Weiss Ratings upgraded Cronos Group from a "sell (d+)" rating to a "hold (c+)" rating in a report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $2.30.

Cronos Group Trading Up 1.1%

NASDAQ:CRON opened at $3.55 on Thursday. Cronos Group Inc. has a twelve month low of $2.28 and a twelve month high of $3.58. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 17.75 and a beta of 0.90. The stock has a fifty day simple moving average of $2.92 and a 200-day simple moving average of $2.74.

Cronos Group (NASDAQ:CRON - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.08. The firm had revenue of $53.01 million for the quarter, compared to analysts' expectations of $44.20 million. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%. As a group, equities research analysts predict that Cronos Group Inc. will post 0.11 EPS for the current fiscal year.

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.

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