Cronos Group (NASDAQ:CRON) Coverage Initiated at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group started coverage on shares of Cronos Group (NASDAQ:CRON) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage set a “buy” rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Cronos Group in a research report on Monday, December 29th. Zacks Research lowered Cronos Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $2.30 target price on shares of Cronos Group in a report on Wednesday, January 14th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.30.

Cronos Group Stock Down 1.8%

CRON stock opened at $2.66 on Tuesday. The stock’s 50 day moving average is $2.67 and its two-hundred day moving average is $2.52. Cronos Group has a 52-week low of $1.60 and a 52-week high of $3.43. The company has a market capitalization of $1.02 billion, a PE ratio of 26.60 and a beta of 0.70.

Cronos Group (NASDAQ:CRON) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. The business had revenue of $36.34 million during the quarter, compared to the consensus estimate of $36.47 million. Cronos Group had a net margin of 27.27% and a negative return on equity of 1.12%. As a group, sell-side analysts anticipate that Cronos Group will post -0.03 EPS for the current year.

Hedge Funds Weigh In On Cronos Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp raised its position in shares of Cronos Group by 291.6% during the 1st quarter. Jones Financial Companies Lllp now owns 65,099 shares of the company’s stock worth $118,000 after purchasing an additional 48,476 shares during the period. Goldman Sachs Group Inc. increased its position in Cronos Group by 84.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,076,405 shares of the company’s stock worth $1,948,000 after buying an additional 493,161 shares during the period. Mraz Amerine & Associates Inc. acquired a new position in shares of Cronos Group during the second quarter valued at $57,000. International Assets Investment Management LLC acquired a new position in shares of Cronos Group during the second quarter valued at $33,000. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Cronos Group during the second quarter worth about $36,000. 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.