Legal & General Group Plc Purchases Shares of 175,368 Cronos Group Inc. $CRON

Legal & General Group Plc purchased a new position in Cronos Group Inc. (NASDAQ:CRON) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 175,368 shares of the company’s stock, valued at approximately $485,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRON. Jones Financial Companies Lllp boosted its stake in Cronos Group by 291.6% during the first quarter. Jones Financial Companies Lllp now owns 65,099 shares of the company’s stock valued at $118,000 after buying an additional 48,476 shares during the period. Goldman Sachs Group Inc. increased its stake in Cronos Group by 84.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,076,405 shares of the company’s stock worth $1,948,000 after acquiring an additional 493,161 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Cronos Group in the 2nd quarter valued at about $36,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Cronos Group by 192.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 89,683 shares of the company’s stock valued at $171,000 after acquiring an additional 59,013 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of Cronos Group by 15.3% during the 2nd quarter. Raymond James Financial Inc. now owns 360,052 shares of the company’s stock valued at $688,000 after acquiring an additional 47,771 shares during the last quarter. Hedge funds and other institutional investors own 8.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CRON shares. TD Securities reissued a “buy” rating on shares of Cronos Group in a report on Tuesday, May 12th. Wall Street Zen downgraded shares of Cronos Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of Cronos Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 26th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2.30.

Cronos Group Stock Down 2.5%

NASDAQ CRON opened at $3.18 on Wednesday. The stock’s 50-day simple moving average is $3.02 and its two-hundred day simple moving average is $2.78. Cronos Group Inc. has a twelve month low of $2.28 and a twelve month high of $3.61. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 15.90 and a beta of 0.94.

Cronos Group (NASDAQ:CRON) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.08. The firm had revenue of $53.01 million during the quarter, compared to analyst estimates of $44.20 million. Cronos Group had a return on equity of 4.85% and a net margin of 39.08%. On average, equities analysts expect that Cronos Group Inc. will post 0.11 earnings per share for the current fiscal year.

About Cronos Group

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.