Zacks Investment Research cut shares of Cronos Group (NASDAQ:CRON) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Cronos Group, Inc. engages in the investment in firms which are licensed to produce and sell medical marijuana. Its portfolio includes In The Zone, Peace Naturals, Whistler Medical Marijuana Co., ABcann, Hydropothecary, Vert Medical and Evergreen Medicinal Supply. Cronos Group Inc., formerly known as PharmaCan Capital Corp., is headquartered in Toronto, Canada. “

Other analysts also recently issued research reports about the company. Bank of America set a $4.00 price target on GameStop and gave the stock a sell rating in a research note on Wednesday, June 5th. CIBC set a $30.00 price target on Cronos Group and gave the stock a buy rating in a research note on Wednesday, March 27th. Stifel Nicolaus decreased their price target on MacroGenics from $36.00 to $29.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Canaccord Genuity downgraded Cronos Group from a hold rating to a sell rating and set a C$17.00 price target for the company. in a research note on Wednesday, March 27th. Finally, TheStreet upgraded Third Point Reinsurance from a d+ rating to a c- rating in a research note on Tuesday, May 14th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Cronos Group presently has a consensus rating of Hold and an average price target of $19.28.

Shares of NASDAQ CRON opened at $14.24 on Wednesday. The company has a 50-day moving average price of $15.56. Cronos Group has a one year low of $5.61 and a one year high of $25.10. The stock has a market capitalization of $4.79 billion, a P/E ratio of 50.86 and a beta of 3.47.

Cronos Group (NASDAQ:CRON) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.38. The company had revenue of $6.47 million during the quarter, compared to the consensus estimate of $6.87 million. Cronos Group had a return on equity of 99.44% and a net margin of 2,107.83%. The company’s revenue for the quarter was up 119.3% on a year-over-year basis. As a group, sell-side analysts forecast that Cronos Group will post 0.03 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of CRON. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Cronos Group in the 1st quarter valued at approximately $12,113,000. Two Sigma Advisers LP raised its holdings in shares of Cronos Group by 544.3% in the 4th quarter. Two Sigma Advisers LP now owns 388,828 shares of the company’s stock worth $4,099,000 after buying an additional 328,479 shares in the last quarter. Swiss National Bank raised its holdings in shares of Cronos Group by 90.1% in the 1st quarter. Swiss National Bank now owns 582,400 shares of the company’s stock worth $10,702,000 after buying an additional 276,000 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Cronos Group by 161.9% in the 4th quarter. Millennium Management LLC now owns 92,706 shares of the company’s stock worth $963,000 after buying an additional 242,406 shares in the last quarter. Finally, NumerixS Investment Technologies Inc acquired a new position in shares of Cronos Group in the 1st quarter worth approximately $4,160,000. 8.33% of the stock is owned by hedge funds and other institutional investors.

About Cronos Group

Cronos Group Inc, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada's Marihuana for Medical Purposes Regulations “MMPR”. The firm typically invests in companies based in Canada.

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