MKM Partners Initiates Coverage on Cronos Group (NASDAQ:CRON)

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Analysts at MKM Partners started coverage on shares of Cronos Group (NASDAQ:CRON) in a report released on Thursday, September 19th, The Fly reports. The firm set a “neutral” rating and a $14.00 price target on the stock. MKM Partners’ price objective would indicate a potential upside of 78.46% from the company’s current price.

Several other brokerages have also recently weighed in on CRON. Stifel Nicolaus started coverage on shares of Cronos Group in a research note on Wednesday, June 5th. They set a “hold” rating on the stock. Canaccord Genuity raised shares of Cronos Group from a “sell” rating to a “hold” rating and upped their price objective for the stock from $16.00 to $17.00 in a research note on Friday, August 9th. Consumer Edge started coverage on shares of Cronos Group in a research note on Friday, June 28th. They set an “equal weight” rating on the stock. Zacks Investment Research lowered shares of Cronos Group from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Finally, BMO Capital Markets upgraded shares of Cronos Group from an “underperform” rating to a “market perform” rating in a research report on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $18.33.

Cronos Group stock traded down $0.11 during trading hours on Thursday, hitting $7.85. 5,567,794 shares of the stock were exchanged, compared to its average volume of 3,343,747. The stock has a market capitalization of $2.92 billion, a P/E ratio of -98.06 and a beta of 3.46. Cronos Group has a 12 month low of $6.50 and a 12 month high of $25.10. The business’s 50-day moving average is $10.40 and its two-hundred day moving average is $14.29.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $7.16 million. Cronos Group had a net margin of 2,521.25% and a return on equity of 60.20%. The firm’s quarterly revenue was up 217.6% compared to the same quarter last year. As a group, sell-side analysts expect that Cronos Group will post -0.07 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Cronos Group by 77.7% during the second quarter. Vanguard Group Inc. now owns 9,068,103 shares of the company’s stock worth $144,910,000 after purchasing an additional 3,966,024 shares in the last quarter. ETF Managers Group LLC acquired a new position in Cronos Group in the second quarter valued at approximately $95,437,000. Janus Henderson Group PLC lifted its holdings in Cronos Group by 4,474.9% in the second quarter. Janus Henderson Group PLC now owns 800,600 shares of the company’s stock valued at $12,871,000 after buying an additional 783,100 shares during the period. Swiss National Bank lifted its holdings in Cronos Group by 19.1% in the second quarter. Swiss National Bank now owns 693,400 shares of the company’s stock valued at $11,124,000 after buying an additional 111,000 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its holdings in Cronos Group by 8.6% in the second quarter. UBS Asset Management Americas Inc. now owns 679,080 shares of the company’s stock valued at $10,918,000 after buying an additional 53,833 shares during the period. Institutional investors own 11.45% of the company’s stock.

Cronos Group Company Profile

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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Analyst Recommendations for Cronos Group (NASDAQ:CRON)

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