Intact Investment Management Inc. Reduces Stock Holdings in Cronos Group Inc. (NASDAQ:CRON)

Intact Investment Management Inc. lowered its position in Cronos Group Inc. (NASDAQ:CRON) by 22.6% in the fourth quarter, HoldingsChannel reports. The firm owned 858,190 shares of the company’s stock after selling 250,110 shares during the period. Intact Investment Management Inc.’s holdings in Cronos Group were worth $1,794,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Kerrisdale Advisers LLC purchased a new position in Cronos Group during the third quarter worth about $1,448,000. JW Asset Management LLC purchased a new position in Cronos Group during the third quarter worth about $400,000. AdvisorShares Investments LLC purchased a new position in Cronos Group during the third quarter worth about $280,000. Formidable Asset Management LLC boosted its stake in Cronos Group by 97.6% during the third quarter. Formidable Asset Management LLC now owns 223,501 shares of the company’s stock worth $447,000 after buying an additional 110,388 shares during the period. Finally, Cambria Investment Management L.P. boosted its stake in Cronos Group by 32.2% during the third quarter. Cambria Investment Management L.P. now owns 232,330 shares of the company’s stock worth $465,000 after buying an additional 56,560 shares during the period. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Analysts Set New Price Targets

Separately, Bank of America increased their price target on shares of Cronos Group from $2.00 to $2.50 and gave the stock an “underperform” rating in a research report on Monday, April 8th.

Cronos Group Stock Up 3.6 %

Shares of CRON traded up $0.09 during mid-day trading on Friday, hitting $2.59. 2,348,830 shares of the company’s stock were exchanged, compared to its average volume of 3,659,981. Cronos Group Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $2.99. The stock’s 50-day moving average is $2.36 and its 200-day moving average is $2.12.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.05) earnings per share (EPS) for the quarter. The business had revenue of $23.92 million for the quarter, compared to analyst estimates of $25.15 million. Cronos Group had a negative return on equity of 3.99% and a negative net margin of 84.15%. Analysts forecast that Cronos Group Inc. will post -0.01 earnings per share for the current fiscal year.

About Cronos Group

Cronos Group Inc operates as a cannabinoid company that engages in the cultivation, production and marketing of cannabis products in Canada, Israel, and Germany. It offers dried flower, pre-rolls, oils, vaporizers, edibles, and cannabis tinctures under the Spinach, Lord Jones, and PEACE NATURALS brands.