Cronos Group (NASDAQ:CRON) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $13.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.85% from the stock’s previous close.
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 equities research analysts have also issued research reports about the company. Canaccord Genuity upgraded Cronos Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Cann assumed coverage on Cronos Group in a report on Friday. They issued a “sell” rating and a $4.50 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.75.
Shares of Cronos Group stock traded down $0.22 on Tuesday, hitting $11.52. 53,409,200 shares of the company’s stock traded hands, compared to its average volume of 7,893,990. Cronos Group has a one year low of $2.39 and a one year high of $15.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 52.98 and a quick ratio of 44.71. The firm has a market cap of $1.97 billion and a price-to-earnings ratio of 1,152.00.
A number of large investors have recently made changes to their positions in the business. Essex Investment Management Co. LLC bought a new position in Cronos Group in the third quarter worth approximately $1,661,000. Commonwealth Equity Services LLC boosted its holdings in Cronos Group by 77.0% in the second quarter. Commonwealth Equity Services LLC now owns 77,445 shares of the company’s stock worth $505,000 after acquiring an additional 33,687 shares in the last quarter. Lourd Capital LLC bought a new position in Cronos Group in the second quarter worth approximately $379,000. USA Mutuals Advisors Inc. bought a new position in Cronos Group in the third quarter worth approximately $500,000. Finally, Jane Street Group LLC boosted its holdings in Cronos Group by 305.5% in the second quarter. Jane Street Group LLC now owns 44,306 shares of the company’s stock worth $287,000 after acquiring an additional 33,379 shares in the last quarter. Institutional investors and hedge funds own 9.47% 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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