Cronos Group (NASDAQ:CRON) Shares Down 5.2%

Cronos Group Inc (NASDAQ:CRON)’s stock price was down 5.2% during trading on Monday . The company traded as low as $11.17 and last traded at $11.31, approximately 5,044,190 shares were traded during trading. A decline of 44% from the average daily volume of 8,938,281 shares. The stock had previously closed at $11.93.

Several equities research analysts have weighed in on CRON shares. Canaccord Genuity upgraded shares of Cronos Group from a “sell” rating to a “hold” rating and raised their price objective for the company from $16.00 to $17.00 in a research report on Friday, August 9th. Bank of America upped their target price on shares of Cronos Group from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. ValuEngine cut shares of Cronos Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered shares of Cronos Group from a “buy” rating to a “hold” rating in a report on Monday, August 12th. Finally, TheStreet upgraded shares of Cronos Group from a “d+” rating to a “c+” rating in a research report on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $19.62.

The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -144.25 and a beta of 3.55. The business’s 50-day simple moving average is $12.61 and its 200-day simple moving average is $15.99.

Cronos Group (NASDAQ:CRON) last issued its earnings results on Thursday, August 8th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. Cronos Group had a net margin of 2,521.25% and a return on equity of 60.20%. The company had revenue of $10.80 million for the quarter, compared to analyst estimates of $7.16 million. The company’s revenue for the quarter was up 217.6% compared to the same quarter last year. As a group, research analysts expect that Cronos Group Inc will post -0.07 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Swiss National Bank grew its holdings in Cronos Group by 19.1% during the 2nd quarter. Swiss National Bank now owns 693,400 shares of the company’s stock worth $11,124,000 after acquiring an additional 111,000 shares during the period. Global Wealth Management Investment Advisory Inc. bought a new stake in shares of Cronos Group in the first quarter valued at about $59,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Cronos Group during the first quarter worth about $1,134,000. Advisor Group Inc. boosted its position in shares of Cronos Group by 56.9% during the second quarter. Advisor Group Inc. now owns 71,317 shares of the company’s stock worth $1,140,000 after buying an additional 25,853 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cronos Group by 118.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,161 shares of the company’s stock worth $678,000 after buying an additional 22,846 shares in the last quarter. Institutional investors and hedge funds own 11.63% of the company’s stock.

About Cronos Group (NASDAQ:CRON)

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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