Pillsbury Lake Capital LLC Makes New $2.25 Billion Investment in Cronos Group Inc. $CRON

Pillsbury Lake Capital LLC bought a new stake in shares of Cronos Group Inc. (NASDAQ:CRON) in the second quarter, HoldingsChannel reports. The institutional investor bought 810,163 shares of the company’s stock, valued at approximately $2,252,253,000.

Several other hedge funds have also made changes to their positions in the company. OneDigital Investment Advisors LLC purchased a new position in shares of Cronos Group during the second quarter valued at $29,000. Valeo Financial Advisors LLC bought a new stake in shares of Cronos Group in the fourth quarter valued at about $30,000. Brooklyn Investment Group lifted its stake in Cronos Group by 5,733.0% in the third quarter. Brooklyn Investment Group now owns 10,966 shares of the company’s stock worth $30,000 after acquiring an additional 10,778 shares during the period. Scientech Research LLC purchased a new stake in Cronos Group in the third quarter worth about $32,000. Finally, HighTower Advisors LLC grew its holdings in Cronos Group by 323.4% during the 4th quarter. HighTower Advisors LLC now owns 12,959 shares of the company’s stock worth $34,000 after acquiring an additional 18,761 shares in the last quarter. 8.71% of the stock is currently owned by hedge funds and other institutional investors.

Cronos Group Stock Up 1.1%

Shares of Cronos Group stock opened at $3.55 on Thursday. The company has a market cap of $1.32 billion, a P/E ratio of 17.75 and a beta of 0.90. The firm’s 50 day moving average price is $2.92 and its 200-day moving average price is $2.74. Cronos Group Inc. has a 52-week low of $2.28 and a 52-week high of $3.58.

Cronos Group (NASDAQ:CRON) last posted its earnings results on Thursday, August 6th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. The company had revenue of $53.01 million during the quarter, compared to analysts’ expectations of $44.20 million. Cronos Group had a net margin of 39.08% and a return on equity of 4.85%. As a group, equities research analysts forecast that Cronos Group Inc. will post 0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on CRON shares. Weiss Ratings raised shares of Cronos Group from a “sell (d+)” rating to a “hold (c+)” rating in a research report on Wednesday, August 12th. Wall Street Zen cut shares of Cronos Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, TD Securities reiterated a “buy” rating on shares of Cronos Group in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.30.

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.