Parallax Volatility Advisers L.P. Buys Shares of 300,000 Cronos Group Inc. $CRON

Parallax Volatility Advisers L.P. purchased a new stake in Cronos Group Inc. (NASDAQ:CRON) in the second quarter, Holdings Channel reports. The institutional investor purchased 300,000 shares of the company’s stock, valued at approximately $834,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. OneDigital Investment Advisors LLC acquired a new stake in shares of Cronos Group during the second quarter valued at about $29,000. Valeo Financial Advisors LLC bought a new stake in Cronos Group during the 4th quarter worth approximately $30,000. Brooklyn Investment Group raised its stake in shares of Cronos Group by 5,733.0% during the third quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock valued at $30,000 after acquiring an additional 10,778 shares during the last quarter. Scientech Research LLC acquired a new position in shares of Cronos Group in the third quarter worth approximately $32,000. Finally, HighTower Advisors LLC boosted its holdings in Cronos Group by 323.4% in the fourth quarter. HighTower Advisors LLC now owns 12,959 shares of the company’s stock valued at $34,000 after acquiring an additional 18,761 shares during the last quarter. Institutional investors own 8.71% of the company’s stock.

Cronos Group Price Performance

Shares of Cronos Group stock opened at $3.55 on Thursday. The business has a 50-day simple moving average of $2.92 and a 200 day simple moving average of $2.74. Cronos Group Inc. has a one year low of $2.28 and a one year high of $3.58. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 17.75 and a beta of 0.90.

Cronos Group (NASDAQ:CRON) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.08. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%.The business had revenue of $53.01 million for the quarter, compared to analyst estimates of $44.20 million. On average, sell-side analysts expect that Cronos Group Inc. will post 0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRON. Weiss Ratings raised shares of Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a research note on Wednesday, August 12th. TD Securities reissued a “buy” rating on shares of Cronos Group in a research report on Tuesday, May 12th. Finally, Wall Street Zen cut Cronos Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Cronos Group has a consensus rating of “Hold” and a consensus target price of $2.30.

Cronos Group Company Profile

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.