Essex Investment Management Co. LLC acquired a new position in Cronos Group Inc (NASDAQ:CRON) during the third quarter, Holdings Channel reports. The fund acquired 149,389 shares of the company’s stock, valued at approximately $1,661,000.
Several other hedge funds have also recently added to or reduced their stakes in CRON. Lourd Capital LLC bought a new stake in shares of Cronos Group during the second quarter worth $379,000. USA Mutuals Advisors Inc. bought a new stake in shares of Cronos Group during the third quarter worth $500,000. Commonwealth Equity Services LLC bought a new stake in shares of Cronos Group during the first quarter worth $294,000. PEAK6 Investments L.P. bought a new stake in shares of Cronos Group during the second quarter worth $258,000. Finally, Jane Street Group LLC raised its position in shares of Cronos Group by 305.5% during the second quarter. Jane Street Group LLC now owns 44,306 shares of the company’s stock worth $287,000 after acquiring an additional 33,379 shares during the last quarter. Institutional investors own 9.47% of the company’s stock.
CRON has been the subject of a number of recent research reports. Cann initiated coverage on Cronos Group in a research report on Friday, October 12th. They set a “sell” rating and a $4.50 target price for the company. Zacks Investment Research upgraded Cronos Group from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Tuesday. Finally, Canaccord Genuity upgraded Cronos Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. Cronos Group has a consensus rating of “Hold” and a consensus price target of $8.75.
About Cronos Group
Cronos Group Inc, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations (?MMPR?). The firm typically invests in companies based in Canada.
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