HEXO (NASDAQ:HEXO) Trading Down 6.9%

HEXO Corp. (NASDAQ:HEXO) shares traded down 6.9% during trading on Wednesday . The stock traded as low as $4.56 and last traded at $4.60, 3,662,952 shares were traded during mid-day trading. An increase of 2% from the average session volume of 3,587,885 shares. The stock had previously closed at $4.94.

Several research analysts have recently commented on the company. Zacks Investment Research downgraded HEXO from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. Bank of America set a $10.00 price objective on HEXO and gave the stock a “buy” rating in a report on Thursday, June 13th. Desjardins assumed coverage on HEXO in a report on Thursday, April 25th. They issued a “buy” rating and a $7.17 price objective on the stock. TheStreet downgraded HEXO from a “c-” rating to a “d+” rating in a report on Monday, July 22nd. Finally, CIBC reiterated a “market perform” rating on shares of HEXO in a report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $8.63.

The stock’s fifty day moving average price is $4.75.

HEXO (NASDAQ:HEXO) last announced its quarterly earnings results on Thursday, June 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $11.98 million for the quarter, compared to analysts’ expectations of $10.96 million.

A number of large investors have recently made changes to their positions in HEXO. TCG Advisors LP purchased a new position in HEXO during the 1st quarter valued at about $28,000. G&S Capital LLC bought a new stake in HEXO during the 2nd quarter valued at approximately $30,000. Private Advisor Group LLC bought a new stake in HEXO during the 2nd quarter valued at approximately $58,000. US Bancorp DE bought a new stake in HEXO during the 2nd quarter valued at approximately $59,000. Finally, Strategic Financial Services Inc bought a new stake in HEXO during the 1st quarter valued at approximately $66,000.

HEXO Company Profile (NASDAQ:HEXO)

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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