$10.99 Million in Sales Expected for Cronos Group Inc (NASDAQ:CRON) This Quarter

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Wall Street analysts expect Cronos Group Inc (NASDAQ:CRON) to report $10.99 million in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Cronos Group’s earnings. The lowest sales estimate is $9.70 million and the highest is $12.65 million. Cronos Group reported sales of $2.88 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 281.6%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Tuesday, November 12th.

According to Zacks, analysts expect that Cronos Group will report full year sales of $40.64 million for the current financial year, with estimates ranging from $35.83 million to $49.46 million. For the next year, analysts anticipate that the business will post sales of $148.64 million, with estimates ranging from $122.48 million to $174.72 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Cronos Group.

Cronos Group (NASDAQ:CRON) last announced its earnings results on Thursday, August 8th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The company had revenue of $10.80 million for the quarter, compared to analysts’ expectations of $7.16 million. Cronos Group had a return on equity of 60.20% and a net margin of 2,521.25%. The company’s revenue was up 217.6% compared to the same quarter last year.

Several research firms have weighed in on CRON. Stifel Nicolaus raised Cronos Group from a “hold” rating to a “buy” rating and cut their target price for the company from $16.50 to $14.00 in a research note on Friday, October 18th. Bank of America increased their target price on Cronos Group from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 9th. BMO Capital Markets raised Cronos Group from an “underperform” rating to a “market perform” rating in a research note on Thursday, September 5th. Zacks Investment Research raised Cronos Group from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Tuesday, October 8th. Finally, Canaccord Genuity raised Cronos Group from a “sell” rating to a “hold” rating and increased their target price for the company from $16.00 to $17.00 in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Cronos Group has a consensus rating of “Hold” and a consensus target price of $18.71.

Shares of CRON stock traded up $0.01 during trading hours on Tuesday, hitting $8.22. 3,016,700 shares of the company’s stock were exchanged, compared to its average volume of 7,576,896. Cronos Group has a 52 week low of $7.40 and a 52 week high of $25.10. The stock’s 50-day moving average is $9.18 and its 200-day moving average is $13.26. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -102.75 and a beta of 3.40.

Institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors grew its holdings in shares of Cronos Group by 7,925.0% during the second quarter. Captrust Financial Advisors now owns 1,605 shares of the company’s stock worth $26,000 after buying an additional 1,585 shares in the last quarter. Commonwealth Bank of Australia bought a new position in shares of Cronos Group during the second quarter worth about $29,000. US Bancorp DE grew its holdings in shares of Cronos Group by 90.9% during the second quarter. US Bancorp DE now owns 2,100 shares of the company’s stock worth $34,000 after buying an additional 1,000 shares in the last quarter. Joseph P. Lucia & Associates LLC bought a new position in shares of Cronos Group during the second quarter worth about $35,000. Finally, Resources Investment Advisors LLC. bought a new position in shares of Cronos Group during the second quarter worth about $38,000. Institutional investors own 11.49% of the company’s stock.

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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