MMCAP International Inc. SPC Boosts Holdings in Cronos Group Inc. $CRON

MMCAP International Inc. SPC grew its position in Cronos Group Inc. (NASDAQ:CRON) by 56.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,761,059 shares of the company’s stock after buying an additional 991,977 shares during the period. MMCAP International Inc. SPC’s holdings in Cronos Group were worth $7,262,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Pictet Asset Management Holding SA raised its holdings in Cronos Group by 19.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,631 shares of the company’s stock valued at $86,000 after buying an additional 5,349 shares during the period. Octavia Wealth Advisors LLC purchased a new stake in Cronos Group in the 4th quarter valued at about $28,000. Brooklyn Investment Group raised its holdings in Cronos Group by 5,733.0% in the 3rd quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock valued at $30,000 after buying an additional 10,778 shares during the period. Swiss Life Asset Management Ltd purchased a new stake in Cronos Group in the 3rd quarter valued at about $31,000. Finally, Valeo Financial Advisors LLC purchased a new stake in Cronos Group in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Weiss Ratings lowered shares of Cronos Group from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, March 2nd. Canaccord Genuity Group assumed coverage on shares of Cronos Group in a report on Tuesday, January 27th. They issued a “buy” rating on the stock. TD Securities restated a “buy” rating on shares of Cronos Group in a report on Tuesday, May 12th. Finally, Wall Street Zen upgraded shares of Cronos Group from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cronos Group has a consensus rating of “Hold” and an average price target of $2.30.

Cronos Group Price Performance

Shares of NASDAQ:CRON opened at $2.73 on Wednesday. The firm has a market capitalization of $1.03 billion, a PE ratio of 273.27 and a beta of 0.87. The firm’s 50-day moving average is $2.62 and its two-hundred day moving average is $2.62. Cronos Group Inc. has a 1 year low of $1.84 and a 1 year high of $3.43.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The company had revenue of $58.97 million for the quarter, compared to analyst estimates of $42.20 million. Cronos Group had a negative net margin of 1.14% and a negative return on equity of 1.26%. Analysts expect that Cronos Group Inc. will post 0.07 EPS for the current fiscal year.

Cronos Group Company Profile

Cronos Group Inc is a Canadian cannabinoid company dedicated to the cultivation, production and distribution of cannabis and cannabidiol (CBD) products for both medical and adult-use markets. Headquartered in Toronto, Ontario, the company manages operations that span the full cannabis value chain, including breeding, greenhouse cultivation, extraction, product formulation and packaging. Cronos Group’s business model emphasizes innovation in product development and scalability in manufacturing to meet evolving regulatory and consumer demands.

The company’s branded portfolio includes Peace Naturals, which focuses on pharmaceutical-grade medical cannabis; Spinach, a line of adult-use cannabis oils and tinctures; and Cove, a range of wellness-oriented CBD offerings.