HEXO (HEXO) Upgraded at Zacks Investment Research

HEXO (NASDAQ:HEXO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “HEXO Corp. is a consumer-packaged goods cannabis company. It creates and distributes products to serve the global cannabis market. HEXO Corp. is based in GATINEAU, Quebec. “

A number of other research analysts have also issued reports on HEXO. Desjardins started coverage on HEXO in a report on Thursday, April 25th. They issued a “buy” rating and a $7.17 target price for the company. Bank of America started coverage on HEXO in a report on Wednesday, April 17th. They issued a “buy” rating for the company. Beacon Securities reiterated a “buy” rating on shares of HEXO in a report on Tuesday, February 19th. Seaport Global Securities started coverage on HEXO in a report on Thursday, February 21st. They issued a “buy” rating and a $12.00 target price for the company. Finally, Oppenheimer started coverage on HEXO in a report on Tuesday, February 19th. They issued an “outperform” rating and a $7.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $8.29.

HEXO opened at $6.92 on Tuesday. HEXO has a 52 week low of $3.02 and a 52 week high of $8.40.

HEXO (NASDAQ:HEXO) last released its quarterly earnings results on Wednesday, March 13th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $10.09 million for the quarter, compared to analysts’ expectations of $10.01 million.

A number of large investors have recently added to or reduced their stakes in the stock. Mycio Wealth Partners LLC purchased a new stake in shares of HEXO during the first quarter valued at $343,000. Strategic Financial Services Inc purchased a new stake in shares of HEXO during the first quarter valued at $66,000. Oppenheimer & Co. Inc. purchased a new stake in shares of HEXO during the first quarter valued at $104,000. Creative Planning purchased a new stake in shares of HEXO during the first quarter valued at $167,000. Finally, Bank of Montreal Can purchased a new stake in shares of HEXO during the first quarter valued at $3,439,000.

HEXO Company Profile

HEXO Corp., through its subsidiary, HEXO Operations Inc, produces, markets, and sells cannabis in Canada. The company offers dried cannabis under the Time of Day and H2 lines; Elixir, a cannabis oil sublingual mist product line; and Decarb, an activated fine-milled cannabis powder product. It provides its products under the HEXO and Hydropothecary brand names.

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