Cibc World Market Inc. Makes New Investment in Cronos Group Inc. $CRON

Cibc World Market Inc. bought a new stake in shares of Cronos Group Inc. (NASDAQ:CRON) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 1,383,299 shares of the company’s stock, valued at approximately $3,820,000.

A number of other hedge funds also recently modified their holdings of the business. Pillsbury Lake Capital LLC acquired a new stake in shares of Cronos Group in the fourth quarter worth $4,837,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Cronos Group by 1,135.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,108,131 shares of the company’s stock valued at $3,075,000 after buying an additional 1,018,448 shares in the last quarter. MMCAP International Inc. SPC raised its position in Cronos Group by 56.1% during the fourth quarter. MMCAP International Inc. SPC now owns 2,761,059 shares of the company’s stock valued at $7,262,000 after buying an additional 991,977 shares during the period. Oasis Management Co Ltd. acquired a new position in Cronos Group in the 4th quarter valued at approximately $2,409,000. Finally, Two Sigma Investments LP increased its position in Cronos Group by 229.6% in the 3rd quarter. Two Sigma Investments LP now owns 1,310,386 shares of the company’s stock worth $3,643,000 after purchasing an additional 912,773 shares during the last quarter. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Analysts Set New Price Targets

CRON has been the subject of a number of analyst reports. Wall Street Zen cut Cronos Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. TD Securities restated a “buy” rating on shares of Cronos Group in a research note on Tuesday, May 12th. Finally, Weiss Ratings raised shares of Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.30.

Cronos Group Stock Performance

Shares of NASDAQ:CRON opened at $3.55 on Thursday. The company has a market cap of $1.32 billion, a P/E ratio of 17.75 and a beta of 0.90. The stock’s 50-day moving average is $2.92 and its 200-day moving average is $2.74. Cronos Group Inc. has a 52-week low of $2.28 and a 52-week high of $3.58.

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. 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 during the quarter, compared to analysts’ expectations of $44.20 million. As a group, equities analysts predict that Cronos Group Inc. will post 0.11 EPS for the current year.

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.