Zacks Investment Research lowered shares of HEXO (NASDAQ:HEXO) from a hold rating to a sell rating in a research note released on Wednesday morning, 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. “

Several other analysts have also recently weighed in on the stock. TheStreet cut shares of HEXO from a c- rating to a d+ rating in a research note on Monday, July 22nd. CIBC reissued a market perform rating on shares of HEXO in a research note on Tuesday, June 25th. Bank of America set a $10.00 price target on shares of HEXO and gave the company a buy rating in a research note on Thursday, June 13th. Oppenheimer cut shares of HEXO from an outperform rating to a market perform rating in a research note on Tuesday, June 25th. Finally, Desjardins started coverage on shares of HEXO in a research note on Thursday, April 25th. They issued a buy rating and a $7.17 price target for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $8.63.

HEXO stock opened at $4.71 on Wednesday. The company has a 50 day moving average price of $4.83. HEXO has a 1-year low of $3.02 and a 1-year high of $8.40.

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

Several hedge funds have recently modified their holdings of HEXO. TCG Advisors LP acquired a new position in shares of HEXO in the 1st quarter worth approximately $28,000. G&S Capital LLC acquired a new position in shares of HEXO in the 2nd quarter worth approximately $30,000. Strategic Financial Services Inc acquired a new position in shares of HEXO in the 1st quarter worth approximately $66,000. Sheaff Brock Investment Advisors LLC acquired a new position in shares of HEXO in the 1st quarter worth approximately $73,000. Finally, Flagship Harbor Advisors LLC lifted its holdings in shares of HEXO by 9,094.0% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 13,791 shares of the company’s stock worth $73,000 after acquiring an additional 13,641 shares during the last quarter.

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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