Cronos Group (CRON) Upgraded to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Cronos Group (NASDAQ:CRON) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $9.25 target price on the stock.

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. “

A number of other analysts also recently issued reports on CRON. Canaccord Genuity raised shares of Cronos Group from a sell rating to a hold rating in a research report on Wednesday, August 15th. Cann initiated coverage on shares of Cronos Group in a research report on Friday, October 12th. They issued a sell rating and a $4.50 price objective for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $6.88.

CRON traded down $0.39 on Tuesday, reaching $8.55. 5,760,151 shares of the company’s stock were exchanged, compared to its average volume of 14,123,557. The company has a market cap of $1.74 billion and a PE ratio of 855.00. Cronos Group has a twelve month low of $2.52 and a twelve month high of $15.30. The company has a debt-to-equity ratio of 0.02, a quick ratio of 44.71 and a current ratio of 52.98.

Large investors have recently modified their holdings of the business. USA Mutuals Advisors Inc. acquired a new stake in Cronos Group in the third quarter valued at approximately $500,000. PEAK6 Investments L.P. acquired a new stake in Cronos Group in the second quarter valued at approximately $258,000. Lourd Capital LLC acquired a new stake in Cronos Group in the second quarter valued at approximately $379,000. Commonwealth Equity Services LLC boosted its stake in shares of Cronos Group by 77.0% during the 2nd quarter. Commonwealth Equity Services LLC now owns 77,445 shares of the company’s stock valued at $505,000 after buying an additional 33,687 shares during the last quarter. Finally, Exane Derivatives purchased a new position in shares of Cronos Group during the 3rd quarter valued at approximately $123,000. 9.77% of the stock is owned by institutional investors.

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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