Cronos Group (NASDAQ:CRON) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cronos Group (NASDAQ:CRON – Get Rating) issued its earnings results on Tuesday. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01), MarketWatch Earnings reports. Cronos Group had a negative return on equity of 16.44% and a negative net margin of 214.92%. The firm had revenue of $25.03 million during the quarter, compared to the consensus estimate of $30.66 million. During the same period in the prior year, the company posted ($0.12) EPS. The company’s quarterly revenue was up 98.5% on a year-over-year basis.

Cronos Group stock traded up $0.35 during midday trading on Tuesday, reaching $3.18. The stock had a trading volume of 5,893,494 shares, compared to its average volume of 2,264,492. The company has a quick ratio of 19.25, a current ratio of 19.86 and a debt-to-equity ratio of 0.01. Cronos Group has a 52-week low of $2.82 and a 52-week high of $9.42. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -7.23 and a beta of 1.66. The company has a fifty day moving average of $3.39 and a 200 day moving average of $3.98.

A number of hedge funds have recently modified their holdings of the business. Deutsche Bank AG grew its stake in Cronos Group by 47.4% in the 4th quarter. Deutsche Bank AG now owns 14,923 shares of the company’s stock worth $58,000 after acquiring an additional 4,799 shares in the last quarter. LPL Financial LLC grew its stake in Cronos Group by 7.5% in the 4th quarter. LPL Financial LLC now owns 123,645 shares of the company’s stock worth $485,000 after acquiring an additional 8,577 shares in the last quarter. Cetera Investment Advisers bought a new position in shares of Cronos Group during the fourth quarter valued at approximately $50,000. Stifel Financial Corp bought a new position in shares of Cronos Group during the fourth quarter valued at approximately $51,000. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Cronos Group by 93.4% during the fourth quarter. Cubist Systematic Strategies LLC now owns 29,900 shares of the company’s stock valued at $117,000 after purchasing an additional 14,437 shares in the last quarter. Institutional investors and hedge funds own 13.40% of the company’s stock.

Several research firms have commented on CRON. Canaccord Genuity Group dropped their price objective on shares of Cronos Group from C$7.00 to C$4.25 and set a “sell” rating for the company in a report on Tuesday, February 22nd. Stifel Nicolaus dropped their price objective on shares of Cronos Group from $6.50 to $4.00 in a report on Tuesday, February 22nd. Piper Sandler dropped their price objective on shares of Cronos Group from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Monday, March 7th. Barclays raised shares of Cronos Group from an “underweight” rating to an “equal weight” rating and set a $5.00 price objective for the company in a report on Tuesday, March 22nd. Finally, Jefferies Financial Group raised shares of Cronos Group from an “underperform” rating to a “hold” rating and dropped their price objective for the company from $5.54 to $3.24 in a report on Thursday, January 27th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $4.55.

Cronos Group Company Profile (Get Rating)

Cronos Group Inc operates as a cannabinoid company. It manufactures, markets, and distributes hemp-derived supplements and cosmetic products through e-commerce, retail, and hospitality partner channels under the Lord Jones and Happy Dance brands in the United States. The company is also involved in the cultivation, manufacture, and marketing of cannabis and cannabis-derived products for the medical and adult-use markets.

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