Cronos Group (CRON) Downgraded by GMP Securities

GMP Securities cut shares of Cronos Group (NASDAQ:CRON) from a buy rating to a hold rating in a research note issued to investors on Tuesday, February 5th, MarketBeat reports. The analysts noted that the move was a valuation call.

A number of other research firms have also recently commented on CRON. Zacks Investment Research cut Cronos Group from a buy rating to a hold rating in a research note on Monday, November 5th. Canaccord Genuity reaffirmed an average rating and issued a $9.00 target price on shares of Cronos Group in a research report on Thursday, November 15th. CIBC started coverage on shares of Cronos Group in a research report on Friday, January 18th. They issued a sector outperform rating for the company. Finally, started coverage on shares of Cronos Group in a research report on Friday, October 12th. They issued a sell rating and a $4.50 target price for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Cronos Group currently has a consensus rating of Hold and a consensus target price of $11.17.

Shares of CRON stock traded up $0.07 during trading on Tuesday, hitting $21.71. The company’s stock had a trading volume of 7,970,956 shares, compared to its average volume of 27,637,530. The firm has a market cap of $3.92 billion and a PE ratio of 2,171.00. Cronos Group has a 52 week low of $5.12 and a 52 week high of $25.10.

Several hedge funds have recently added to or reduced their stakes in the company. ETF Managers Group LLC acquired a new position in Cronos Group in the fourth quarter worth $72,585,000. TD Asset Management Inc. bought a new stake in Cronos Group during the 4th quarter worth $5,840,000. Two Sigma Advisers LP grew its position in Cronos Group by 544.3% during the 4th quarter. Two Sigma Advisers LP now owns 388,828 shares of the company’s stock worth $4,099,000 after acquiring an additional 328,479 shares during the last quarter. Millennium Management LLC grew its position in Cronos Group by 161.9% during the 4th quarter. Millennium Management LLC now owns 92,706 shares of the company’s stock worth $963,000 after acquiring an additional 242,406 shares during the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management grew its position in Cronos Group by 1,024.5% during the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 208,589 shares of the company’s stock worth $2,361,000 after acquiring an additional 190,039 shares during the last quarter. 13.51% of the stock is owned by institutional investors and hedge funds.

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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