HEXO (NASDAQ:HEXO) Shares Gap Up to $1.85

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HEXO Corp. (NASDAQ:HEXO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $2.05, but opened at $1.85. HEXO shares last traded at $1.77, with a volume of 821,163 shares traded.

A number of equities analysts have commented on the company. MKM Partners assumed coverage on HEXO in a research note on Friday, September 20th. They issued a “buy” rating and a $12.00 price target on the stock. Seaport Global Securities cut HEXO from a “buy” rating to a “neutral” rating in a research note on Monday, October 14th. Beacon Securities cut HEXO from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Canaccord Genuity cut HEXO from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, CIBC cut HEXO from a “neutral” rating to a “sector underperform” rating and decreased their price target for the stock from $4.00 to $3.00 in a research note on Friday, October 25th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. HEXO has an average rating of “Hold” and an average target price of $5.60.

The company has a 50-day moving average of $1.86 and a two-hundred day moving average of $3.28.

HEXO (NASDAQ:HEXO) last released its quarterly earnings results on Monday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.06). The company had revenue of $11.79 million during the quarter, compared to the consensus estimate of $11.31 million.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HEXO. Chicago Partners Investment Group LLC bought a new stake in shares of HEXO during the third quarter valued at approximately $27,000. Van Hulzen Asset Management LLC bought a new stake in shares of HEXO during the third quarter valued at approximately $55,000. Private Advisor Group LLC bought a new stake in shares of HEXO during the second quarter valued at approximately $58,000. US Bancorp DE bought a new stake in shares of HEXO during the second quarter valued at approximately $59,000. Finally, Planning Directions Inc. bought a new stake in shares of HEXO during the third quarter valued at approximately $60,000.

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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