Cronos Group (NASDAQ:CRON) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Cronos Group (NASDAQ:CRON) from a buy rating to a hold rating in a research note published on Tuesday, 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. “

Several other analysts have also recently issued reports on CRON. Canaccord Genuity cut their price target on shares of Cronos Group from C$7.50 to C$7.00 and set a sell rating on the stock in a report on Monday, August 9th. Raymond James set a $11.00 price target on shares of Cronos Group and gave the stock an outperform rating in a research report on Thursday, October 21st. Barclays started coverage on shares of Cronos Group in a research report on Thursday, November 18th. They issued an underweight rating and a $5.50 target price for the company. Finally, Bank of America started coverage on shares of Cronos Group in a research report on Thursday, November 18th. They issued an underperform rating and a $5.00 target price for the company. Three analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Cronos Group presently has a consensus rating of Hold and an average target price of $7.71.

NASDAQ CRON opened at $4.16 on Tuesday. The company’s fifty day simple moving average is $5.36 and its 200-day simple moving average is $6.70. Cronos Group has a 52 week low of $4.12 and a 52 week high of $15.83. The stock has a market cap of $1.55 billion, a P/E ratio of -10.15 and a beta of 1.68.

Institutional investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. acquired a new stake in shares of Cronos Group in the second quarter worth $26,000. Capital Analysts LLC lifted its holdings in shares of Cronos Group by 1,400.0% during the second quarter. Capital Analysts LLC now owns 3,000 shares of the company’s stock valued at $26,000 after acquiring an additional 2,800 shares during the period. Koshinski Asset Management Inc. bought a new position in shares of Cronos Group during the third quarter valued at $42,000. Advisory Services Network LLC bought a new position in shares of Cronos Group during the second quarter valued at $44,000. Finally, Oxford Financial Group Ltd. bought a new position in shares of Cronos Group in the third quarter valued at about $57,000. Institutional investors and hedge funds own 13.80% of the company’s stock.

Cronos Group Company Profile

Cronos Group, Inc engages in the production and distribution of cannabis. Its brands include PEACE NATURALS, COVE, Spinach, Lord Jones, and PEACE+. The company was founded by Lorne Michael Gertner and Paul Rosen on August 21, 2012 and is headquartered in Toronto, Canada.

Further Reading: When can a hold rating present a buying opportunity?

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Analyst Recommendations for Cronos Group (NASDAQ:CRON)