Zacks Investment Research downgraded shares of Cronos Group (NASDAQ:CRON) from a strong-buy rating to a hold rating in a research note released 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. “

CRON has been the topic of a number of other research reports. Eight Capital downgraded Cronos Group to a hold rating in a research report on Thursday, March 7th. Cowen assumed coverage on Cronos Group in a research report on Tuesday, March 5th. They set a market perform rating on the stock. CIBC set a $30.00 price target on Cronos Group and gave the stock a buy rating in a research report on Wednesday, March 27th. Pi Financial reaffirmed a neutral rating and set a $24.00 price objective on shares of Cronos Group in a research report on Tuesday, March 26th. Finally, BMO Capital Markets downgraded Cronos Group from a market perform rating to an underperform rating and set a $21.43 price objective on the stock. in a research report on Monday, March 11th. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Cronos Group has a consensus rating of Hold and an average target price of $18.13.

CRON opened at $16.13 on Wednesday. Cronos Group has a 12-month low of $5.61 and a 12-month high of $25.10. The firm has a market cap of $5.19 billion, a PE ratio of -201.63 and a beta of 3.84.

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

A number of hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC boosted its position in Cronos Group by 361.9% during the first quarter. Advisory Services Network LLC now owns 12,472 shares of the company’s stock valued at $230,000 after purchasing an additional 9,772 shares in the last quarter. Nordea Investment Management AB boosted its position in Cronos Group by 770.0% during the first quarter. Nordea Investment Management AB now owns 8,700 shares of the company’s stock valued at $207,000 after purchasing an additional 7,700 shares in the last quarter. IHT Wealth Management LLC boosted its position in Cronos Group by 27.8% during the first quarter. IHT Wealth Management LLC now owns 25,245 shares of the company’s stock valued at $465,000 after purchasing an additional 5,495 shares in the last quarter. Essex Investment Management Co. LLC bought a new stake in Cronos Group during the first quarter valued at about $5,063,000. Finally, AQR Capital Management LLC bought a new stake in Cronos Group during the first quarter valued at about $3,831,000. 6.43% of the stock is currently owned by 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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