HEXO (NASDAQ:HEXO) Shares Gap Up to $4.07

HEXO Corp. (NASDAQ:HEXO)’s share price gapped up prior to trading on Friday . The stock had previously closed at $3.92, but opened at $4.07. HEXO shares last traded at $4.39, with a volume of 4,582,545 shares changing hands.

Several equities analysts have recently commented on the company. Zacks Investment Research downgraded HEXO from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Oppenheimer downgraded HEXO from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. TheStreet downgraded HEXO from a “c-” rating to a “d+” rating in a research report on Monday, July 22nd. Bank of America set a $10.00 target price on HEXO and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, CIBC reiterated a “market perform” rating on shares of HEXO in a research report on Tuesday, June 25th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $8.63.

The company has a 50-day moving average price of $5.00.

HEXO (NASDAQ:HEXO) last posted its earnings results on Thursday, June 13th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 large investors have recently bought and sold shares of HEXO. Swiss National Bank lifted its holdings in HEXO by 28.5% during the second quarter. Swiss National Bank now owns 416,100 shares of the company’s stock worth $2,221,000 after buying an additional 92,300 shares during the period. Sigma Planning Corp purchased a new stake in HEXO during the second quarter worth $383,000. TD Asset Management Inc. purchased a new stake in HEXO during the second quarter worth $3,707,000. CIBC Private Wealth Group LLC purchased a new stake in HEXO during the second quarter worth $205,000. Finally, Advisor Group Inc. lifted its holdings in HEXO by 69.9% during the second quarter. Advisor Group Inc. now owns 14,395 shares of the company’s stock worth $77,000 after buying an additional 5,921 shares during the period.

About HEXO (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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