HEXO (NYSE:HEXO) Downgraded by Zacks Investment Research to “Sell”

HEXO (NYSE:HEXOGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, 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 commented on the stock. Canaccord Genuity Group upgraded shares of HEXO from a “hold” rating to a “speculative buy” rating in a research report on Friday, March 4th. Cantor Fitzgerald dropped their price target on shares of HEXO from $1.20 to $0.90 and set a “neutral” rating on the stock in a research report on Friday, March 4th. Canaccord Genuity Group upgraded shares of HEXO from a “hold” rating to a “buy” rating in a research report on Friday, March 4th. Finally, Atb Cap Markets upgraded shares of HEXO from an “underperform” rating to a “sector perform” rating in a research report on Thursday, March 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.42.

Shares of HEXO stock traded up $0.01 during trading on Wednesday, hitting $0.28. 4,519,328 shares of the company’s stock were exchanged, compared to its average volume of 7,626,729. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.60 and a current ratio of 0.96. The business has a 50-day simple moving average of $0.38 and a 200-day simple moving average of $0.60. HEXO has a 52-week low of $0.24 and a 52-week high of $7.28. The stock has a market capitalization of $126.13 million, a price-to-earnings ratio of -0.11 and a beta of 1.21.

HEXO (NYSE:HEXOGet Rating) last issued its earnings results on Thursday, March 17th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). HEXO had a negative return on equity of 22.43% and a negative net margin of 555.46%. The business had revenue of $41.86 million for the quarter, compared to analysts’ expectations of $50.36 million. On average, equities analysts anticipate that HEXO will post -0.87 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in HEXO. Mackenzie Financial Corp grew its position in shares of HEXO by 115.6% in the fourth quarter. Mackenzie Financial Corp now owns 49,291 shares of the company’s stock valued at $34,000 after purchasing an additional 26,426 shares during the period. Squarepoint Ops LLC acquired a new position in HEXO during the fourth quarter worth about $36,000. Cedar Brook Financial Partners LLC boosted its position in HEXO by 89.0% during the fourth quarter. Cedar Brook Financial Partners LLC now owns 125,320 shares of the company’s stock worth $88,000 after acquiring an additional 59,000 shares during the last quarter. Credit Suisse AG boosted its position in HEXO by 29.1% during the fourth quarter. Credit Suisse AG now owns 137,803 shares of the company’s stock worth $96,000 after acquiring an additional 31,041 shares during the last quarter. Finally, Independent Advisor Alliance boosted its position in HEXO by 1,480.0% during the first quarter. Independent Advisor Alliance now owns 158,000 shares of the company’s stock worth $98,000 after acquiring an additional 148,000 shares during the last quarter. Institutional investors and hedge funds own 27.55% of the company’s stock.

About HEXO (Get Rating)

HEXO Corp., through its subsidiaries, produces, markets, and sells cannabis in Canada. The company offers its adult-use and medical products under the HEXO brand name. It also provides cannabis beverages under the Little Victory, House of Terpenes, Mollo, Veryvell, and XMG brands; and cannabis products under UP Cannabis, Original Stash, and Up brand names.

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