HEXO (NASDAQ:HEXO) Shares Gap Down to $4.59

HEXO Corp. (NASDAQ:HEXO)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $4.39, but opened at $4.59. HEXO shares last traded at $4.27, with a volume of 145,104 shares changing hands.

A number of research analysts have recently weighed in on the stock. Oppenheimer cut shares of HEXO from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. TheStreet cut shares of HEXO from a “c-” rating to a “d+” rating in a research note on Monday, July 22nd. Zacks Investment Research cut shares of HEXO from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. CIBC reissued a “market perform” rating on shares of HEXO in a research note on Tuesday, June 25th. Finally, Bank of America set a $10.00 price objective on shares of HEXO and gave the stock a “buy” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $8.63.

The firm has a 50 day moving average of $4.74.

HEXO (NASDAQ:HEXO) last issued its quarterly earnings data on Thursday, June 13th. The company reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate 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.

Institutional investors and hedge funds have recently modified their holdings of the company. ETF Managers Group LLC purchased a new stake in HEXO in the 2nd quarter worth approximately $35,519,000. Bank of America Corp DE grew its stake in HEXO by 6,132.1% in the 2nd quarter. Bank of America Corp DE now owns 1,495,948 shares of the company’s stock worth $7,958,000 after acquiring an additional 1,471,944 shares during the period. FIL Ltd purchased a new stake in HEXO in the 1st quarter worth approximately $4,691,000. TD Asset Management Inc. purchased a new stake in HEXO in the 2nd quarter worth approximately $3,707,000. Finally, Bank of Montreal Can purchased a new stake in HEXO in the 1st quarter worth approximately $3,439,000.

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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