Mirae Asset Global Investments Co. Ltd. Cuts Holdings in Cronos Group Inc. (NASDAQ:CRON)

Mirae Asset Global Investments Co. Ltd. cut its position in shares of Cronos Group Inc. (NASDAQ:CRONGet Rating) by 7.8% during the 1st quarter, Holdings Channel reports. The firm owned 1,857,811 shares of the company’s stock after selling 156,242 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cronos Group were worth $7,214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRON. Dimensional Fund Advisors LP boosted its holdings in Cronos Group by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,067,437 shares of the company’s stock worth $4,184,000 after purchasing an additional 2,941 shares during the last quarter. Qube Research & Technologies Ltd raised its position in Cronos Group by 403.3% in the fourth quarter. Qube Research & Technologies Ltd now owns 189,973 shares of the company’s stock worth $745,000 after acquiring an additional 152,230 shares during the period. Bank of Montreal Can raised its position in Cronos Group by 2.5% in the fourth quarter. Bank of Montreal Can now owns 560,322 shares of the company’s stock worth $2,264,000 after acquiring an additional 13,811 shares during the period. ETF Managers Group LLC raised its position in Cronos Group by 5.4% in the fourth quarter. ETF Managers Group LLC now owns 11,172,492 shares of the company’s stock worth $44,802,000 after acquiring an additional 577,142 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its position in Cronos Group by 32.8% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,669,753 shares of the company’s stock worth $10,470,000 after acquiring an additional 659,574 shares during the period. 12.08% of the stock is currently owned by hedge funds and other institutional investors.

Cronos Group Stock Performance

NASDAQ CRON opened at $2.99 on Thursday. The company’s 50 day moving average is $3.12 and its 200-day moving average is $3.17. Cronos Group Inc. has a 12-month low of $2.57 and a 12-month high of $6.79. The company has a quick ratio of 25.16, a current ratio of 26.18 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.13 billion, a P/E ratio of -10.31 and a beta of 1.58.

Cronos Group (NASDAQ:CRONGet Rating) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $23.06 million for the quarter, compared to analyst estimates of $27.67 million. Cronos Group had a negative net margin of 115.15% and a negative return on equity of 15.68%. Sell-side analysts predict that Cronos Group Inc. will post -0.26 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on CRON. Raymond James reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cronos Group in a research report on Friday, July 29th. Canaccord Genuity Group raised shares of Cronos Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 28th. Finally, Canaccord Genuity Group raised shares of Cronos Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cronos Group currently has a consensus rating of “Hold” and a consensus target price of $4.50.

About Cronos Group

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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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Institutional Ownership by Quarter for Cronos Group (NASDAQ:CRON)

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