Zacks Research Upgrades Cronos Group (NASDAQ:CRON) to “Strong-Buy”

Cronos Group (NASDAQ:CRON) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, Zacks reports.

A number of other analysts also recently commented on CRON. Wall Street Zen downgraded shares of Cronos Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings upgraded shares of Cronos Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, TD Securities reiterated a “buy” rating on shares of Cronos Group in a research note on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $2.30.

Cronos Group Stock Performance

Shares of CRON opened at $3.35 on Thursday. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 31.32 and a beta of 0.90. Cronos Group has a one year low of $2.28 and a one year high of $3.61. The stock’s fifty day moving average is $3.29 and its 200-day moving average is $2.94.

Cronos Group (NASDAQ:CRON) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.08. The business had revenue of $53.01 million during the quarter, compared to the consensus estimate of $44.20 million. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%. Analysts forecast that Cronos Group will post 0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Cronos Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cibc World Market Inc. purchased a new position in Cronos Group in the 2nd quarter worth about $3,820,000. Pillsbury Lake Capital LLC acquired a new position in shares of Cronos Group in the second quarter worth about $2,252,253. Parallax Volatility Advisers L.P. acquired a new position in shares of Cronos Group in the second quarter worth about $834,000. Bank of America Corp DE purchased a new position in shares of Cronos Group in the second quarter worth approximately $438,000. Finally, Legal & General Group Plc purchased a new position in shares of Cronos Group in the second quarter worth approximately $485,000. Institutional investors and hedge funds own 8.71% of the company’s stock.

About Cronos Group

Cronos Group Inc is a Canadian cannabinoid company focused on developing, producing and commercializing cannabis and cannabis-derived consumer products. The company serves adult-use and medical cannabis markets through a portfolio of brands and sells products such as dried flower, pre-rolls, vaporizers, edibles, oils and other cannabis formats, subject to applicable regulations.

Its brand portfolio has included Spinach, which is positioned primarily in the adult-use cannabis market, as well as Lord Jones and PEACE NATURALS.