Cronos Group (NASDAQ:CRON) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Cronos Group (NASDAQ:CRON) from a hold rating to a sell rating in a research note published on Saturday morning.

A number of other research analysts have also recently weighed in on the company. Canaccord Genuity Group began coverage on Cronos Group in a report on Tuesday, January 27th. They issued a “buy” rating on the stock. Zacks Research downgraded shares of Cronos Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Sanford C. Bernstein reissued a “market perform” rating and issued a $2.30 price objective on shares of Cronos Group in a research report on Wednesday, January 14th. Weiss Ratings restated a “hold (c)” rating on shares of Cronos Group in a research note on Monday, December 29th. Finally, TD Securities assumed coverage on shares of Cronos Group in a research report on Tuesday, February 24th. They issued a “buy” rating for the company. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.30.

Cronos Group Stock Down 1.5%

Shares of NASDAQ:CRON opened at $2.63 on Friday. The stock’s fifty day simple moving average is $2.65 and its 200-day simple moving average is $2.60. 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 $999.82 million, a P/E ratio of -262.74 and a beta of 0.78.

Cronos Group (NASDAQ:CRON) last released its earnings results on Thursday, February 26th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of $0.01 by $0.01. Cronos Group had a negative net margin of 6.44% and a negative return on equity of 1.12%. The firm had revenue of $58.39 million during the quarter, compared to analysts’ expectations of $38.51 million. On average, sell-side analysts anticipate that Cronos Group will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Silver Oak Securities Incorporated bought a new position in Cronos Group during the third quarter worth $1,652,000. AdvisorShares Investments LLC raised its stake in Cronos Group by 38.1% during the third quarter. AdvisorShares Investments LLC now owns 816,068 shares of the company’s stock worth $2,269,000 after acquiring an additional 225,000 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in Cronos Group by 50.2% in the third quarter. Hillsdale Investment Management Inc. now owns 1,383,776 shares of the company’s stock worth $3,827,000 after acquiring an additional 462,294 shares during the last quarter. Quinn Opportunity Partners LLC raised its position in shares of Cronos Group by 73.0% during the 2nd quarter. Quinn Opportunity Partners LLC now owns 7,437,944 shares of the company’s stock worth $14,206,000 after purchasing an additional 3,138,018 shares during the period. Finally, Bastion Asset Management Inc. bought a new stake in shares of Cronos Group in the 2nd quarter worth approximately $619,000. Institutional investors own 8.71% of the company’s stock.

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.