HEXO Corp. (NASDAQ:HEXO) was the target of a large drop in short interest in the month of April. As of April 30th, there was short interest totalling 5,498,644 shares, a drop of 9.8% from the April 15th total of 6,096,136 shares. Based on an average daily volume of 8,679,592 shares, the days-to-cover ratio is presently 0.6 days.
Several large investors have recently added to or reduced their stakes in HEXO. TCG Advisors LP purchased a new stake in shares of HEXO in the 1st quarter valued at about $28,000. Ladenburg Thalmann Financial Services Inc. purchased a new stake in shares of HEXO in the 1st quarter valued at about $43,000. Advisor Group Inc. purchased a new stake in shares of HEXO in the 1st quarter valued at about $56,000. Strategic Financial Services Inc purchased a new stake in shares of HEXO in the 1st quarter valued at about $66,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in shares of HEXO during the 1st quarter valued at about $73,000.
NASDAQ:HEXO opened at $6.99 on Wednesday. HEXO has a twelve month low of $3.02 and a twelve month high of $8.40.
HEXO has been the subject of several analyst reports. Beacon Securities restated a “buy” rating on shares of HEXO in a research note on Tuesday, February 19th. Desjardins initiated coverage on HEXO in a research note on Thursday, April 25th. They issued a “buy” rating and a $7.17 target price for the company. Seaport Global Securities initiated coverage on HEXO in a research note on Thursday, February 21st. They issued a “buy” rating and a $12.00 target price for the company. Bank of America initiated coverage on HEXO in a report on Wednesday, April 17th. They issued a “buy” rating on the stock. Finally, Zacks Investment Research raised HEXO from a “sell” rating to a “hold” rating in a report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $8.29.
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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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