HEXO (NASDAQ:HEXO) Shares Gap Up to $4.37

Shares of HEXO Corp. (NASDAQ:HEXO) gapped up prior to trading on Thursday . The stock had previously closed at $4.23, but opened at $4.37. HEXO shares last traded at $4.56, with a volume of 3,448,252 shares trading hands.

A number of equities research analysts recently issued reports on HEXO shares. Bank of America set a $10.00 target price on HEXO and gave the company a “buy” rating in a research note on Thursday, June 13th. Zacks Investment Research lowered HEXO from a “hold” rating to a “sell” rating in a research note on Wednesday. Desjardins assumed coverage on HEXO in a research note on Thursday, April 25th. They set a “buy” rating and a $7.17 price target on the stock. TheStreet lowered HEXO from a “c-” rating to a “d+” rating in a research note on Monday, July 22nd. Finally, CIBC reissued a “market perform” rating on shares of HEXO in a research note on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $8.63.

The company has a 50 day simple moving average of $4.83.

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

Institutional investors have recently modified their holdings of the business. TCG Advisors LP purchased a new position in shares of HEXO during the 1st quarter worth $28,000. G&S Capital LLC purchased a new position in shares of HEXO in the 2nd quarter worth $30,000. Strategic Financial Services Inc purchased a new position in shares of HEXO in the 1st quarter worth $66,000. Sheaff Brock Investment Advisors LLC purchased a new position in shares of HEXO in the 1st quarter worth $73,000. Finally, National Asset Management Inc. purchased a new position in shares of HEXO in the 1st quarter worth $79,000.

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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